Atlassian (NASDAQ:TEAM) Stock Rating Lowered by Zacks Research

Atlassian (NASDAQ:TEAM) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday,Zacks.com reports.

A number of other research analysts also recently issued reports on TEAM. Mizuho cut their price objective on shares of Atlassian from $225.00 to $205.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. Canaccord Genuity Group set a $185.00 price target on shares of Atlassian in a report on Friday, February 6th. Macquarie Infrastructure reduced their price target on Atlassian from $250.00 to $240.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Cantor Fitzgerald lowered their price objective on Atlassian from $240.00 to $146.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Finally, BMO Capital Markets set a $130.00 target price on Atlassian and gave the stock an “outperform” rating in a research note on Friday, February 6th. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $189.32.

Atlassian Trading Down 0.6%

TEAM opened at $86.48 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 1.26 and a debt-to-equity ratio of 0.62. The firm has a market cap of $22.75 billion, a price-to-earnings ratio of -120.11, a PEG ratio of 72.60 and a beta of 0.88. Atlassian has a 12 month low of $83.17 and a 12 month high of $320.88. The stock has a fifty day moving average price of $139.28 and a 200-day moving average price of $155.36.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, February 5th. The technology company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.96 earnings per share. As a group, equities research analysts anticipate that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the completion of the sale, the chief executive officer owned 275,940 shares of the company’s stock, valued at $26,161,871.40. The trade was a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the completion of the sale, the director owned 275,940 shares in the company, valued at approximately $26,161,871.40. This represents a 2.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 513,177 shares of company stock valued at $74,514,517. 36.66% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

Several large investors have recently made changes to their positions in the business. Capco Asset Management LLC purchased a new position in shares of Atlassian during the second quarter worth $25,000. Physician Wealth Advisors Inc. grew its position in Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after purchasing an additional 61 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after buying an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp lifted its holdings in shares of Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after buying an additional 199 shares during the period. Finally, Board of the Pension Protection Fund purchased a new stake in shares of Atlassian in the fourth quarter worth about $32,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Company Profile

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.