Atlassian (NASDAQ:TEAM) Price Target Lowered to $330.00 at Wells Fargo & Company

Atlassian (NASDAQ:TEAM) had its price objective decreased by Wells Fargo & Company from $375.00 to $330.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 62.85% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Mizuho boosted their target price on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Oppenheimer raised their target price on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. Jefferies Financial Group reduced their price target on Atlassian from $330.00 to $262.00 and set a “buy” rating for the company in a research report on Monday. Morgan Stanley raised their price target on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Scotiabank upped their price objective on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a report on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $297.50.

Atlassian Stock Down 3.3 %

NASDAQ TEAM traded down $6.99 during mid-day trading on Thursday, reaching $202.64. 2,027,811 shares of the company’s stock traded hands, compared to its average volume of 2,031,909. The company has a fifty day simple moving average of $255.77 and a 200-day simple moving average of $240.75. Atlassian has a 1-year low of $135.29 and a 1-year high of $326.00. The company has a market cap of $53.09 billion, a price-to-earnings ratio of -151.94 and a beta of 1.07. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, equities research analysts expect that Atlassian will post -0.34 EPS for the current year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $322.31, for a total transaction of $2,561,719.88. Following the completion of the sale, the chief executive officer now directly owns 270,232 shares in the company, valued at approximately $87,098,475.92. This trade represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Gene Liu sold 568 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.08, for a total transaction of $177,261.44. Following the transaction, the chief accounting officer now directly owns 52,142 shares in the company, valued at $16,272,475.36. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,981 shares of company stock valued at $70,925,444 over the last ninety days. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently modified their holdings of TEAM. Corebridge Financial Inc. raised its stake in shares of Atlassian by 0.3% during the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after purchasing an additional 35 shares in the last quarter. GeoWealth Management LLC raised its position in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after acquiring an additional 38 shares in the last quarter. Assetmark Inc. grew its position in Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after acquiring an additional 41 shares in the last quarter. Allworth Financial LP increased its stake in shares of Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after purchasing an additional 47 shares during the last quarter. Finally, True Wealth Design LLC raised its holdings in shares of Atlassian by 21.6% during the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock valued at $69,000 after purchasing an additional 50 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

About Atlassian

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.