Atlassian (NASDAQ:TEAM) Downgraded by Wall Street Zen to “Hold”

Atlassian (NASDAQ:TEAM) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Several other research analysts also recently weighed in on the stock. Robert W. Baird raised shares of Atlassian from a “neutral” rating to an “outperform” rating and cut their target price for the company from $320.00 to $255.00 in a research note on Monday, April 14th. Morgan Stanley cut their price objective on shares of Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Raymond James restated an “outperform” rating and set a $300.00 target price (down previously from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. KeyCorp lowered their target price on shares of Atlassian from $365.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Finally, Truist Financial reduced their price target on Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Five equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $282.19.

Atlassian Price Performance

TEAM stock opened at $196.82 on Friday. The stock’s 50 day moving average price is $210.71 and its 200 day moving average price is $242.64. The firm has a market cap of $51.67 billion, a P/E ratio of -146.88 and a beta of 0.96. 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 1 year low of $135.29 and a 1 year high of $326.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the previous year, the firm posted $0.89 earnings per share. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, sell-side analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 7,674 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total value of $1,730,563.74. Following the completion of the sale, the president now owns 192,260 shares of the company’s stock, valued at $43,356,552.60. This represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $199.55, for a total transaction of $1,529,550.75. Following the transaction, the director now owns 84,315 shares in the company, valued at $16,825,058.25. The trade was a 8.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 351,759 shares of company stock worth $74,833,479 in the last three months. 38.55% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

Hedge funds have recently made changes to their positions in the company. Murphy & Mullick Capital Management Corp acquired a new stake in Atlassian during the 4th quarter valued at $27,000. Clean Yield Group boosted its position in Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after buying an additional 93 shares during the last quarter. Colonial Trust Co SC grew its stake in shares of Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after acquiring an additional 69 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Atlassian during the fourth quarter valued at about $38,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Atlassian during the fourth quarter worth about $39,000. Hedge funds and other institutional investors 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.