Atlassian (NASDAQ:TEAM) Downgraded to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Atlassian (NASDAQ:TEAM) from a buy rating to a hold rating in a research note issued to investors on Monday morning.

Several other equities research analysts also recently issued reports on TEAM. Scotiabank boosted their price objective on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday, January 31st. UBS Group increased their price target on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Barclays lifted their price objective on shares of Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Stephens started coverage on shares of Atlassian in a report on Wednesday, March 19th. They set an “equal weight” rating and a $255.00 target price on the stock. Finally, Piper Sandler boosted their price target on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Ten equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $314.73.

Atlassian Stock Performance

Shares of Atlassian stock opened at $212.21 on Monday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The business’s 50 day moving average price is $268.47 and its 200 day moving average price is $239.44. The company has a market cap of $55.60 billion, a price-to-earnings ratio of -158.36 and a beta of 0.91. Atlassian has a one year low of $135.29 and a one year high of $326.00.

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

Insider Buying and Selling

In related news, President Anutthara Bharadwaj sold 1,723 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total value of $526,962.32. Following the transaction, the president now owns 199,934 shares in the company, valued at $61,147,814.56. The trade was a 0.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $216.63, for a total value of $1,721,775.24. Following the sale, the chief executive officer now directly owns 7,948 shares of the company’s stock, valued at approximately $1,721,775.24. This represents a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock worth $70,403,022 in the last quarter. 38.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Murphy & Mullick Capital Management Corp purchased a new position in Atlassian in the 4th quarter valued at $27,000. Colonial Trust Co SC boosted its holdings in Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after purchasing an additional 69 shares in the last quarter. True Wealth Design LLC increased its position in Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares during the period. Summit Securities Group LLC purchased a new position in shares of Atlassian during the 4th quarter worth approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Atlassian in the 4th quarter valued at approximately $39,000. Institutional investors and hedge funds own 94.45% 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.