Atlassian (NASDAQ:TEAM) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Atlassian (NASDAQ:TEAM) from a buy rating to a hold rating in a research note published on Tuesday morning.

Other equities research analysts have also recently issued reports about the company. Truist Financial reaffirmed a “buy” rating and issued a $350.00 target price (up from $300.00) on shares of Atlassian in a report on Friday, January 31st. Piper Sandler lifted their price objective on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Macquarie upped their price objective on Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Jefferies Financial Group raised their target price on shares of Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a report on Friday, January 24th. Finally, Citigroup upped their price target on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and a consensus target price of $319.71.

Atlassian Stock Down 9.4 %

Shares of TEAM opened at $250.66 on Tuesday. The business’s 50 day moving average is $276.34 and its 200 day moving average is $231.09. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. The company has a market capitalization of $65.67 billion, a PE ratio of -187.06 and a beta of 0.87.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Research analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CAO Gene Liu sold 568 shares of Atlassian stock in a transaction on Friday, February 14th. The stock was sold at an average price of $312.08, for a total transaction of $177,261.44. Following the completion of the sale, the chief accounting officer now directly owns 52,142 shares of the company’s stock, valued at $16,272,475.36. The trade was a 1.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $254.76, for a total value of $387,235.20. Following the completion of the sale, the president now owns 211,991 shares of the company’s stock, valued at $54,006,827.16. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 264,553 shares of company stock worth $72,913,406 in the last 90 days. 38.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Several large investors have recently modified their holdings of TEAM. Virtu Financial LLC purchased a new position in Atlassian during the third quarter valued at approximately $606,000. Fulton Bank N.A. purchased a new position in shares of Atlassian in the 4th quarter valued at $447,000. Paloma Partners Management Co bought a new position in shares of Atlassian in the 3rd quarter worth $1,588,000. Allworth Financial LP boosted its position in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares in the last quarter. Finally, Impax Asset Management Group plc grew its stake in Atlassian by 590.6% in the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after purchasing an additional 31,986 shares during the last quarter. Institutional investors own 94.45% 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.