Atlassian (NASDAQ:TEAM) Downgraded by Zacks Research to Hold

Atlassian (NASDAQ:TEAM) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

TEAM has been the subject of several other reports. Wall Street Zen downgraded Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Wells Fargo & Company dropped their price target on Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 17th. Piper Sandler cut their price target on Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Morgan Stanley reduced their price objective on Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, April 16th. Finally, BMO Capital Markets decreased their price objective on Atlassian from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. Twenty-one equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.26.

Atlassian Price Performance

Shares of TEAM opened at $77.79 on Monday. Atlassian has a 1-year low of $56.01 and a 1-year high of $222.59. The stock has a market cap of $19.74 billion, a PE ratio of -93.72, a price-to-earnings-growth ratio of 4.49 and a beta of 1.07. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a fifty day moving average price of $85.67 and a 200 day moving average price of $98.12.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. Atlassian’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.97 earnings per share. As a group, sell-side analysts anticipate that Atlassian will post 0.81 EPS for the current year.

Insider Transactions at Atlassian

In related news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive owned 227,691 shares of the company’s stock, valued at $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 20,041 shares of company stock worth $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently bought and sold shares of TEAM. GAMMA Investing LLC raised its position in Atlassian by 12.0% during the 4th quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock worth $100,000 after buying an additional 66 shares during the last quarter. Snowden Capital Advisors LLC boosted its holdings in shares of Atlassian by 1.6% in the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock valued at $907,000 after acquiring an additional 71 shares in the last quarter. Financial Perspectives Inc increased its stake in shares of Atlassian by 11.7% during the fourth quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock worth $116,000 after acquiring an additional 75 shares during the period. Slow Capital Inc. increased its stake in shares of Atlassian by 0.3% during the fourth quarter. Slow Capital Inc. now owns 33,486 shares of the technology company’s stock worth $5,429,000 after acquiring an additional 84 shares during the period. Finally, Verdence Capital Advisors LLC raised its holdings in Atlassian by 3.0% during the fourth quarter. Verdence Capital Advisors LLC now owns 3,079 shares of the technology company’s stock worth $499,000 after purchasing an additional 89 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

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.