Atlassian (NASDAQ:TEAM) Downgraded by StockNews.com

Atlassian (NASDAQ:TEAM) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

A number of other equities analysts also recently issued reports on TEAM. Barclays raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $235.00 to $275.00 in a report on Thursday, April 11th. Robert W. Baird cut their price objective on shares of Atlassian from $270.00 to $230.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Canaccord Genuity Group cut their price objective on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, April 26th. Capital One Financial raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price target on the stock in a report on Thursday. Finally, Piper Sandler raised shares of Atlassian from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $200.00 to $225.00 in a report on Tuesday, July 2nd. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average price target of $225.35.

Atlassian Stock Up 2.2 %

TEAM stock traded up $3.82 during midday trading on Friday, reaching $181.45. 1,477,418 shares of the company’s stock traded hands, compared to its average volume of 1,735,786. The company has a market cap of $47.23 billion, a price-to-earnings ratio of -288.02 and a beta of 0.74. The firm’s fifty day moving average price is $171.16 and its 200-day moving average price is $198.14. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82. Atlassian has a 52 week low of $152.34 and a 52 week high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. Atlassian’s quarterly revenue was up 29.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.40) EPS. As a group, sell-side analysts forecast that Atlassian will post -0.21 earnings per share for the current fiscal year.

Insider Activity

In other news, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $193.63, for a total transaction of $147,158.80. Following the sale, the president now directly owns 162,610 shares in the company, valued at $31,486,174.30. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Atlassian news, CAO Gene Liu sold 199 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total transaction of $36,665.75. Following the transaction, the chief accounting officer now directly owns 45,666 shares in the company, valued at $8,413,960.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $193.63, for a total transaction of $147,158.80. Following the transaction, the president now owns 162,610 shares in the company, valued at $31,486,174.30. The disclosure for this sale can be found here. Insiders have sold a total of 278,682 shares of company stock worth $49,101,951 over the last ninety days. Company insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Comerica Bank boosted its stake in shares of Atlassian by 737.2% during the third quarter. Comerica Bank now owns 30,073 shares of the technology company’s stock valued at $6,060,000 after purchasing an additional 26,481 shares during the period. American Century Companies Inc. boosted its stake in shares of Atlassian by 58.7% during the third quarter. American Century Companies Inc. now owns 430,112 shares of the technology company’s stock valued at $86,672,000 after purchasing an additional 159,102 shares during the period. Vanguard Group Inc. boosted its stake in shares of Atlassian by 0.8% during the third quarter. Vanguard Group Inc. now owns 14,851,471 shares of the technology company’s stock valued at $2,992,720,000 after purchasing an additional 112,482 shares during the period. Park National Corp OH lifted its stake in Atlassian by 3.5% in the fourth quarter. Park National Corp OH now owns 1,439 shares of the technology company’s stock worth $342,000 after acquiring an additional 48 shares during the period. Finally, DNB Asset Management AS lifted its stake in Atlassian by 13.0% in the fourth quarter. DNB Asset Management AS now owns 26,879 shares of the technology company’s stock worth $6,393,000 after acquiring an additional 3,094 shares during the period. 93.03% of the stock is currently owned by 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.