Atlassian (NASDAQ:TEAM) Price Target Cut to $300.00 by Analysts at Truist Financial

Atlassian (NASDAQ:TEAM) had its target price trimmed by Truist Financial from $350.00 to $300.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

TEAM has been the topic of several other research reports. Macquarie boosted their price target on shares of Atlassian from $290.00 to $317.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Morgan Stanley lifted their price objective on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Oppenheimer increased their target price on Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. Finally, Raymond James reissued an “outperform” rating and set a $330.00 price target (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Ten analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average target price of $314.73.

Atlassian Price Performance

Shares of TEAM opened at $212.21 on Monday. The company has a market capitalization of $55.60 billion, a P/E ratio of -158.36 and a beta of 0.91. The business’s 50-day moving average is $268.47 and its two-hundred day moving average is $239.44. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

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

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $216.63, for a total transaction of $1,721,775.24. Following the completion of the sale, the chief executive officer now directly owns 7,948 shares in the company, valued at $1,721,775.24. This represents a 50.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the transaction, the president now owns 210,471 shares in the company, valued at approximately $54,690,889.35. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 263,033 shares of company stock valued at $70,403,022 in the last 90 days. 38.55% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

A number of institutional investors have recently modified their holdings of TEAM. Corebridge Financial Inc. lifted its position in shares of Atlassian by 0.3% during the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after purchasing an additional 35 shares during the last quarter. GeoWealth Management LLC raised its stake in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after buying an additional 38 shares in the last quarter. Assetmark Inc. raised its stake in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after buying an additional 41 shares in the last quarter. Allworth Financial LP lifted its holdings in Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after buying an additional 47 shares during the last quarter. Finally, True Wealth Design LLC grew its position in shares of Atlassian by 21.6% in the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock worth $69,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other 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.