Atlassian (NASDAQ:TEAM) Price Target Lowered to $250.00 at Wells Fargo & Company

Atlassian (NASDAQ:TEAM) had its price target lowered by Wells Fargo & Company from $285.00 to $250.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Other equities research analysts have also issued reports about the stock. Piper Sandler lowered their price target on shares of Atlassian from $225.00 to $200.00 and set a neutral rating for the company in a report on Friday, April 26th. KeyCorp assumed coverage on shares of Atlassian in a report on Tuesday, March 19th. They set a sector weight rating for the company. Robert W. Baird decreased their price objective on shares of Atlassian from $270.00 to $230.00 and set an outperform rating for the company in a report on Friday, April 26th. Truist Financial decreased their price objective on shares of Atlassian from $220.00 to $200.00 and set a hold rating for the company in a report on Friday, April 26th. Finally, Citigroup decreased their price objective on shares of Atlassian from $280.00 to $265.00 and set a buy rating for the company in a report on Friday, April 12th. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Atlassian currently has an average rating of Moderate Buy and a consensus price target of $221.28.

Atlassian Price Performance

Atlassian stock opened at $162.46 on Friday. Atlassian has a 52-week low of $152.34 and a 52-week high of $258.69. The firm has a fifty day moving average of $174.51 and a 200-day moving average of $202.26. The firm has a market capitalization of $42.29 billion, a P/E ratio of -257.87 and a beta of 0.73. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. The business’s revenue was up 29.9% on a year-over-year basis. During the same period last year, the business earned ($0.40) EPS. As a group, analysts predict that Atlassian will post -0.21 EPS for the current year.

Insider Activity at Atlassian

In related news, CAO Gene Liu sold 199 shares of Atlassian stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total value of $36,665.75. Following the sale, the chief accounting officer now directly owns 45,666 shares in the company, valued at approximately $8,413,960.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Gene Liu sold 199 shares of Atlassian stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total value of $36,665.75. Following the sale, the chief accounting officer now directly owns 45,666 shares in the company, valued at approximately $8,413,960.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $194.67, for a total transaction of $1,604,275.47. The disclosure for this sale can be found here. Insiders have sold a total of 272,318 shares of company stock worth $49,526,292 in the last ninety days. 40.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Several large investors have recently bought and sold shares of TEAM. Hollencrest Capital Management increased its stake in Atlassian by 383.9% during the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after buying an additional 119 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in Atlassian during the 1st quarter valued at about $40,000. Crewe Advisors LLC acquired a new position in shares of Atlassian in the 1st quarter worth approximately $43,000. Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Atlassian by 271.0% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after purchasing an additional 271 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Atlassian by 255.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after purchasing an additional 291 shares during the last quarter. Institutional investors and hedge funds own 93.03% of the company’s stock.

Atlassian Company Profile

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.