TD Cowen Trims Atlassian (NASDAQ:TEAM) Target Price to $210.00

Atlassian (NASDAQ:TEAM) had its price objective cut by TD Cowen from $220.00 to $210.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a hold rating on the technology company’s stock.

Several other analysts have also recently issued reports on TEAM. Mizuho cut their price objective on Atlassian from $240.00 to $225.00 and set a buy rating on the stock in a research note on Friday. Wells Fargo & Company increased their target price on Atlassian from $275.00 to $285.00 and gave the stock an overweight rating in a research report on Wednesday, January 24th. Robert W. Baird reduced their target price on shares of Atlassian from $270.00 to $230.00 and set an outperform rating for the company in a research note on Friday. Piper Sandler lowered their target price on Atlassian from $225.00 to $200.00 and set a neutral rating on the stock in a research report on Friday. Finally, Barclays raised shares of Atlassian from an equal weight rating to an overweight rating and upped their price objective for the stock from $235.00 to $275.00 in a report on Thursday, April 11th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $223.22.

Atlassian Price Performance

TEAM opened at $177.07 on Friday. Atlassian has a twelve month low of $128.02 and a twelve month high of $258.69. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. The firm has a market cap of $45.93 billion, a price-to-earnings ratio of -281.06 and a beta of 0.63. The company has a fifty day simple moving average of $199.36 and a 200 day simple moving average of $206.52.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.27. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. The company’s revenue was up 29.9% on a year-over-year basis. During the same period last year, the firm earned ($0.40) earnings per share. Equities research analysts expect that Atlassian will post -0.42 EPS for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $881,068.93. Following the sale, the president now directly owns 167,535 shares of the company’s stock, valued at approximately $35,663,175.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, President Anutthara Bharadwaj sold 4,139 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $881,068.93. Following the completion of the sale, the president now directly owns 167,535 shares of the company’s stock, valued at $35,663,175.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the sale, the chief executive officer now owns 329,640 shares of the company’s stock, valued at $82,990,166.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 300,450 shares of company stock worth $61,106,939. 40.48% of the stock is owned by corporate insiders.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently modified their holdings of the company. National Bank of Canada FI increased its position in Atlassian by 15.0% in the 3rd quarter. National Bank of Canada FI now owns 1,057 shares of the technology company’s stock worth $209,000 after purchasing an additional 138 shares during the last quarter. CWM LLC increased its holdings in Atlassian by 61.3% in the third quarter. CWM LLC now owns 2,028 shares of the technology company’s stock worth $409,000 after buying an additional 771 shares during the last quarter. SG Americas Securities LLC raised its position in Atlassian by 40.3% during the third quarter. SG Americas Securities LLC now owns 8,517 shares of the technology company’s stock valued at $1,716,000 after acquiring an additional 2,448 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Atlassian by 63.7% in the third quarter. Exchange Traded Concepts LLC now owns 6,221 shares of the technology company’s stock valued at $1,254,000 after acquiring an additional 2,420 shares during the last quarter. Finally, Oak Thistle LLC bought a new stake in Atlassian in the third quarter worth approximately $738,000. 93.03% 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.