Atlassian (NASDAQ:TEAM) Downgraded to Strong Sell Rating by Zacks Research

Atlassian (NASDAQ:TEAM) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

TEAM has been the topic of a number of other reports. BTIG Research decreased their price objective on Atlassian from $220.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Barclays cut their target price on Atlassian from $215.00 to $165.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Citigroup decreased their price target on Atlassian from $210.00 to $160.00 and set a “buy” rating on the stock in a report on Monday. KeyCorp dropped their price objective on shares of Atlassian from $210.00 to $170.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Finally, Cantor Fitzgerald cut their price objective on shares of Atlassian from $240.00 to $146.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $189.32.

Atlassian Price Performance

Atlassian stock opened at $86.48 on Wednesday. Atlassian has a 52-week low of $83.17 and a 52-week high of $320.88. The company has a quick ratio of 1.26, a current ratio of 0.89 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average is $139.28 and its 200 day moving average is $155.36. The company has a market cap of $22.75 billion, a price-to-earnings ratio of -120.11, a PEG ratio of 72.60 and a beta of 0.88.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The business’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 EPS. Sell-side analysts forecast that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the transaction, the director directly owned 275,940 shares in the company, valued at approximately $26,161,871.40. This represents a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the completion of the transaction, the chief executive officer directly owned 275,940 shares in the company, valued at $26,161,871.40. This represents a 2.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 513,177 shares of company stock valued at $74,514,517. Corporate insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Capco Asset Management LLC purchased a new stake in shares of Atlassian in the 2nd quarter worth $25,000. Physician Wealth Advisors Inc. raised its holdings in shares of Atlassian by 60.4% in the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after acquiring an additional 61 shares in the last quarter. Atlantic Union Bankshares Corp lifted its stake in Atlassian by 19,900.0% in the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after acquiring an additional 199 shares during the period. Board of the Pension Protection Fund bought a new position in Atlassian during the 4th quarter worth about $32,000. Finally, Basepoint Wealth LLC purchased a new position in Atlassian during the 4th quarter valued at about $32,000. Institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.