Atlassian (NASDAQ:TEAM) Downgraded to Hold Rating by StockNews.com

StockNews.com lowered shares of Atlassian (NASDAQ:TEAM) from a buy rating to a hold rating in a report released on Monday morning.

Other equities research analysts have also issued reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. William Blair reiterated an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Piper Sandler raised their price objective on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Citigroup upped their target price on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Truist Financial dropped 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. Ten research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.73.

Atlassian Trading Down 2.7 %

Shares of Atlassian stock opened at $212.21 on Monday. The company has a 50-day moving average of $268.47 and a two-hundred day moving average of $239.44. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock has a market cap of $55.60 billion, a PE ratio of -158.36 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, research analysts anticipate that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity

In other news, CAO Gene Liu sold 568 shares of Atlassian stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $312.08, for a total value of $177,261.44. Following the transaction, the chief accounting officer now directly owns 52,142 shares of the company’s stock, valued at $16,272,475.36. The trade was a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the sale, the president now directly owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 263,033 shares of company stock valued at $70,403,022 in the last ninety days. Company insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several hedge funds and other institutional investors have recently made changes to their positions in TEAM. JPMorgan Chase & Co. increased its holdings in Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. State Street Corp grew its stake in shares of Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after buying an additional 8,957 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Atlassian during the 4th quarter valued at about $687,486,000. Invesco Ltd. lifted its position in Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after acquiring an additional 1,777,179 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Atlassian by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock worth $528,851,000 after acquiring an additional 27,899 shares during the period. Institutional investors and hedge funds own 94.45% 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.