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

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

TEAM has been the subject of a number of other research reports. Raymond James reiterated an “outperform” rating and issued a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Macquarie increased 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 boosted their target price on Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, January 24th. Piper Sandler raised their price target on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Citigroup lifted their price target on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $319.71.

Atlassian Stock Down 0.2 %

TEAM stock opened at $273.62 on Tuesday. The company’s 50 day simple moving average is $276.03 and its 200-day simple moving average is $230.63. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market capitalization of $71.69 billion, a P/E ratio of -204.19 and a beta of 0.87.

Atlassian (NASDAQ:TEAM) last released its earnings results 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%. As a group, equities research analysts anticipate that Atlassian will post -0.34 EPS for the current year.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 15,896 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the completion of the transaction, the chief executive officer now owns 429,192 shares of the company’s stock, valued at approximately $104,529,711.60. This represents a 3.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Gene Liu sold 568 shares of Atlassian stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $312.08, for a total value of $177,261.44. Following the sale, the chief accounting officer now directly owns 52,142 shares in the company, valued at approximately $16,272,475.36. This trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 272,501 shares of company stock valued at $75,129,229. 38.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Murphy & Mullick Capital Management Corp acquired a new position in Atlassian during the fourth quarter worth $27,000. Colonial Trust Co SC grew its holdings in shares of Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after purchasing an additional 69 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of Atlassian by 23,100.0% in 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 last quarter. Summit Securities Group LLC acquired a new stake in shares of Atlassian during the 4th quarter worth about $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Atlassian during the 4th quarter valued at about $39,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.