Atlassian (NASDAQ:TEAM) Price Target Cut to $175.00 by Analysts at Piper Sandler

Atlassian (NASDAQ:TEAM) had its price objective cut by Piper Sandler from $200.00 to $175.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other brokerages have also recently weighed in on TEAM. Oppenheimer dropped their price objective on shares of Atlassian from $150.00 to $100.00 and set an “outperform” rating for the company in a report on Friday, April 17th. Wall Street Zen upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a report on Monday, March 23rd. Canaccord Genuity Group dropped their price objective on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Guggenheim set a $115.00 price objective on shares of Atlassian in a report on Thursday, April 9th. Finally, Barclays lifted their price objective on shares of Atlassian from $100.00 to $106.00 and gave the company an “overweight” rating in a report on Friday. Twenty-one investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average price target of $144.67.

Atlassian Trading Up 29.6%

Shares of Atlassian stock traded up $20.29 on Friday, reaching $88.88. The company had a trading volume of 27,361,284 shares, compared to its average volume of 7,734,163. The firm’s 50 day moving average price is $70.97 and its two-hundred day moving average price is $118.12. The firm has a market cap of $23.44 billion, a PE ratio of -123.44 and a beta of 0.99. Atlassian has a 52-week low of $56.01 and a 52-week high of $232.36. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.89 and a current ratio of 0.89.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. The business had revenue of $1.79 billion for 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 5.62%. The business’s revenue was up 31.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.97 EPS. Sell-side analysts predict that Atlassian will post -0.01 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CFO Joseph Leo Binz sold 1,653 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $134,471.55. Following the completion of the transaction, the chief financial officer owned 208,639 shares in the company, valued at $16,972,782.65. The trade was a 0.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the transaction, the director owned 275,940 shares of the company’s stock, valued at $26,161,871.40. This trade represents a 2.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 52,003 shares of company stock worth $5,338,804 over the last ninety days. 36.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MV Capital Management Inc. acquired a new position in Atlassian during the 4th quarter worth approximately $25,000. Physician Wealth Advisors Inc. grew its holdings in Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after acquiring an additional 61 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after acquiring an additional 161 shares in the last quarter. Atlantic Union Bankshares Corp boosted its holdings in shares of Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after buying an additional 199 shares in the last quarter. Finally, Board of the Pension Protection Fund acquired a new position in shares of Atlassian in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

Key Headlines Impacting Atlassian

Here are the key news stories impacting Atlassian this week:

• Positive Sentiment: Q3 beat and raised revenue guidance — Atlassian reported ~32% revenue growth (roughly $1.8B) and beat EPS estimates, then lifted its FY revenue growth target, which is the main catalyst for the rally. Read More.
• Positive Sentiment: Strong execution driven by cloud, AI and enterprise expansion — Management pointed to AI features, cloud migrations and growing enterprise adoption (including Rovo usage) as sustainable growth drivers. Read More.
• Positive Sentiment: Street praise and sector lift — Multiple outlets and analysts praised the quarter; the results helped lift other beaten?down SaaS names as investors reassess demand risk for enterprise software. Read More.
• Neutral Sentiment: Mixed analyst/Wall Street reactions — Some commentators called the results “solid,” while others raised questions about margin and longer?term software pricing compression; expect divergent sell?side takes to continue. Read More.
• Neutral Sentiment: Marketplace/venture news — Atlassian Ventures invested in Riffle and a new app launched on the Atlassian Marketplace, supporting ecosystem growth but with limited near?term revenue impact. Read More.
• Negative Sentiment: Some price?target cuts and a neutral/tempered tone — UBS cut its target to $95 and moved to a neutral rating, which could weigh on upside expectations near term. Read More.
• Negative Sentiment: Other target resets — BMO and Piper Sandler lowered targets (BMO to $105, Piper Sandler to $175) even as some keep outperform/overweight stances; these mixed cuts reflect caution on medium?term multiples despite the beat. Read More.

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.