Atlassian (NASDAQ:TEAM) Cut to “Hold” at StockNews.com

Atlassian (NASDAQ:TEAM) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

TEAM has been the topic of a number of other research reports. Morgan Stanley lifted their price target on shares of Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Oppenheimer increased their target price on Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research report on Friday, January 31st. Truist Financial lowered their price target on Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Monday. UBS Group raised their price objective on Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Finally, Barclays lifted their price objective on Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Ten research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $314.73.

Atlassian Trading Down 2.7 %

Atlassian stock traded down $5.78 during trading on Monday, hitting $212.21. The company’s stock had a trading volume of 2,397,572 shares, compared to its average volume of 1,978,402. The stock’s fifty day moving average is $268.47 and its 200 day moving average is $239.44. Atlassian has a 1-year low of $135.29 and a 1-year high of $326.00. The stock has a market capitalization of $55.60 billion, a price-to-earnings ratio of -158.36 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

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

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 270,232 shares of the company’s stock, valued at approximately $87,098,475.92. This trade represents a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the sale, the president now directly owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 263,033 shares of company stock worth $70,403,022. 38.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

Several large investors have recently added to or reduced their stakes in TEAM. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Atlassian during the fourth quarter worth $27,000. Colonial Trust Co SC raised its stake in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after acquiring an additional 69 shares during the period. True Wealth Design LLC lifted its holdings in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares during the last quarter. Summit Securities Group LLC acquired a new position in Atlassian in the fourth quarter valued at approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian during the fourth quarter valued at approximately $39,000. 94.45% 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.