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

Atlassian (NASDAQ:TEAM) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Monday.

Other research analysts have also issued reports about the company. The Goldman Sachs Group raised their price target on Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Oppenheimer boosted their price target on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research report on Friday, January 31st. Citigroup increased their price objective on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Cantor Fitzgerald boosted their target price on Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Finally, Morgan Stanley increased their price target on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Ten research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $314.73.

Atlassian Stock Performance

NASDAQ:TEAM traded down $5.78 during mid-day trading on Monday, hitting $212.21. The stock had a trading volume of 2,397,572 shares, compared to its average volume of 1,978,402. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a 50 day simple moving average of $268.47 and a 200-day simple moving average of $239.44. The stock has a market capitalization of $55.60 billion, a price-to-earnings ratio of -158.36 and a beta of 0.91. Atlassian has a 52 week low of $135.29 and a 52 week high of $326.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share 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%. On average, research analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the transaction, the president now owns 210,471 shares of the company’s stock, valued at $54,690,889.35. The trade was a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Gene Liu sold 779 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $320.01, for a total transaction of $249,287.79. Following the completion of the sale, the chief accounting officer now directly owns 52,710 shares of the company’s stock, valued at $16,867,727.10. This trade represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 263,033 shares of company stock worth $70,403,022. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares during the last quarter. State Street Corp raised its stake in shares of Atlassian by 0.3% during the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after purchasing an additional 8,957 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Atlassian during the 4th quarter valued at about $687,486,000. Invesco Ltd. grew its stake in shares of Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after buying an additional 1,777,179 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Atlassian by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock worth $528,851,000 after buying an additional 27,899 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

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.