Atlassian (NASDAQ:TEAM) PT Lowered to $177.00 at BMO Capital Markets

Atlassian (NASDAQ:TEAM) had its price target reduced by BMO Capital Markets from $220.00 to $177.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a market perform rating on the technology company’s stock.

TEAM has been the subject of a number of other reports. The Goldman Sachs Group raised Atlassian from a neutral rating to a buy rating and lifted their price objective for the company from $200.00 to $230.00 in a research note on Friday. Capital One Financial upgraded shares of Atlassian from an equal weight rating to an overweight rating and set a $211.00 price target on the stock in a research note on Thursday, July 11th. Citigroup lowered their price objective on shares of Atlassian from $280.00 to $265.00 and set a buy rating for the company in a research note on Friday, April 12th. StockNews.com lowered shares of Atlassian from a buy rating to a hold rating in a report on Friday, July 12th. Finally, Morgan Stanley dropped their price target on shares of Atlassian from $245.00 to $225.00 and set an overweight rating for the company in a research note on Wednesday, July 17th. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $219.25.

Atlassian Stock Down 0.6 %

Shares of NASDAQ:TEAM opened at $142.85 on Friday. The company has a market capitalization of $37.18 billion, a price-to-earnings ratio of -228.06 and a beta of 0.74. Atlassian has a 12-month low of $135.29 and a 12-month high of $258.69. The business has a 50-day moving average price of $169.60 and a 200 day moving average price of $191.11. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.82.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 18.13%. The business’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.21) EPS. Sell-side analysts expect that Atlassian will post -0.23 EPS for the current year.

Insider Activity at Atlassian

In other news, President Anutthara Bharadwaj sold 4,856 shares of Atlassian stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $184.26, for a total transaction of $894,766.56. Following the sale, the president now owns 156,994 shares in the company, valued at $28,927,714.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, President Anutthara Bharadwaj sold 4,856 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $184.26, for a total transaction of $894,766.56. Following the transaction, the president now directly owns 156,994 shares in the company, valued at $28,927,714.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 1,360 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $184.26, for a total transaction of $250,593.60. Following the completion of the sale, the chief technology officer now owns 134,260 shares of the company’s stock, valued at approximately $24,738,747.60. The disclosure for this sale can be found here. Insiders sold a total of 274,992 shares of company stock valued at $47,338,797 over the last ninety days. Insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management lifted its stake in shares of Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after acquiring an additional 119 shares during the period. Trust Co. of Vermont raised its holdings in Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after purchasing an additional 174 shares during the last quarter. Rothschild Investment LLC purchased a new stake in Atlassian during the second quarter worth $36,000. Edmond DE Rothschild Holding S.A. acquired a new stake in Atlassian in the first quarter valued at $40,000. Finally, Crewe Advisors LLC purchased a new position in shares of Atlassian in the first quarter valued at $43,000. Institutional investors and hedge funds own 93.03% of the company’s stock.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.