Atlassian (NASDAQ:TEAM) Shares Gap Down on Analyst Downgrade

Atlassian Corporation PLC (NASDAQ:TEAM) gapped down prior to trading on Thursday after KeyCorp lowered their price target on the stock from $130.00 to $115.00. The stock had previously closed at $85.47, but opened at $81.36. KeyCorp currently has an overweight rating on the stock. Atlassian shares last traded at $86.1430, with a volume of 227,505 shares traded.

A number of other analysts have also commented on the company. UBS Group reduced their target price on Atlassian from $105.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, May 1st. Raymond James Financial set a $130.00 price target on Atlassian in a report on Friday, May 1st. Guggenheim set a $115.00 price objective on Atlassian in a research report on Thursday, April 9th. Truist Financial lifted their price objective on Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Finally, Wells Fargo & Company decreased their target price on Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a research report on Tuesday, March 17th. Twenty-one research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $144.70.

Insiders Place Their Bets

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the transaction, the executive directly owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by company insiders.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MV Capital Management Inc. bought a new position in Atlassian in the fourth quarter worth approximately $25,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Atlassian by 139.2% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock worth $29,000 after purchasing an additional 220 shares in the last quarter. Western Wealth Management LLC purchased a new stake in shares of Atlassian in the 1st quarter worth $30,000. State of Wyoming lifted its position in Atlassian by 65.7% during the first quarter. State of Wyoming now owns 449 shares of the technology company’s stock valued at $31,000 after purchasing an additional 178 shares in the last quarter. Finally, Board of the Pension Protection Fund bought a new stake in Atlassian during the fourth quarter valued at about $32,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Up 1.4%

The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The company has a fifty day simple moving average of $87.37 and a 200-day simple moving average of $94.88. The firm has a market cap of $22.00 billion, a P/E ratio of -104.21, a price-to-earnings-growth ratio of 4.98 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. The firm had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business’s quarterly revenue was up 31.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.97 EPS. On average, equities analysts anticipate that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.