Truist Financial Trims Atlassian (NASDAQ:TEAM) Target Price to $160.00

Atlassian (NASDAQ:TEAM) had its target price cut by Truist Financial from $200.00 to $160.00 in a report issued on Friday morning, Benzinga reports. They currently have a hold rating on the technology company’s stock.

Several other research firms have also recently weighed in on TEAM. Robert W. Baird cut Atlassian from an outperform rating to a neutral rating and cut their price objective for the stock from $230.00 to $175.00 in a research report on Friday. Citigroup cut their price objective on Atlassian from $280.00 to $265.00 and set a buy rating on the stock in a research report on Friday, April 12th. Barclays raised Atlassian from an equal weight rating to an overweight rating and boosted their price objective for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. StockNews.com cut Atlassian from a buy rating to a hold rating in a research report on Friday, July 12th. Finally, Oppenheimer dropped their price target on Atlassian from $300.00 to $250.00 and set an outperform rating on the stock in a research report on Friday, April 26th. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $219.25.

Atlassian Price Performance

Shares of TEAM opened at $142.85 on Friday. Atlassian has a 52-week low of $135.29 and a 52-week high of $258.69. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. The business’s 50 day moving average price is $169.60 and its two-hundred day moving average price is $191.11. The firm has a market cap of $37.18 billion, a PE ratio of -228.06 and a beta of 0.74.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.59 by $0.07. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative return on equity of 18.13% and a negative net margin of 6.89%. The company’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.21) earnings per share. On average, equities analysts anticipate that Atlassian will post -0.23 EPS for the current year.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 8,241 shares of Atlassian stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $179.88, for a total value of $1,482,391.08. Following the sale, the chief executive officer now directly owns 267,558 shares in the company, valued at approximately $48,128,333.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Gene Liu sold 199 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $184.25, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $179.88, for a total value of $1,482,391.08. Following the completion of the transaction, the chief executive officer now owns 267,558 shares in the company, valued at $48,128,333.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 274,992 shares of company stock worth $47,338,797. Insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TEAM. Hollencrest Capital Management increased its position in shares of Atlassian by 383.9% during the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after acquiring an additional 119 shares during the period. Trust Co. of Vermont increased its position in shares of Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after acquiring an additional 174 shares during the period. Rothschild Investment LLC purchased a new stake in shares of Atlassian during the second quarter worth $36,000. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Atlassian during the first quarter worth $40,000. Finally, Crewe Advisors LLC acquired a new position in shares of Atlassian during the first quarter worth $43,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

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.