UBS Group Issues Pessimistic Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target cut by equities research analysts at UBS Group from $330.00 to $230.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. UBS Group’s target price suggests a potential upside of 2.70% from the stock’s previous close.

A number of other brokerages have also recently weighed in on TEAM. BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. Citigroup upped their price objective on shares of Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Raymond James reaffirmed an “outperform” rating and issued a $330.00 target price (up previously from $250.00) on shares of Atlassian in a report on Friday, January 31st. Wells Fargo & Company raised their price objective on shares of Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Piper Sandler boosted their target price on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $308.73.

Atlassian Trading Up 3.5 %

NASDAQ TEAM opened at $223.96 on Tuesday. Atlassian has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a market capitalization of $58.68 billion, a price-to-earnings ratio of -167.13 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The firm’s fifty day moving average price is $266.94 and its 200 day moving average price is $239.70.

Atlassian (NASDAQ:TEAM) last posted its earnings results 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, sell-side analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction 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 transaction, the president now owns 210,471 shares of the company’s stock, valued at $54,690,889.35. This represents a 0.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Gene Liu sold 779 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the sale, the chief accounting officer now directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock valued at $70,144,394 over the last quarter. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Corebridge Financial Inc. lifted its stake in shares of Atlassian by 0.3% in the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock valued at $2,555,000 after purchasing an additional 35 shares in the last quarter. GeoWealth Management LLC raised its holdings in Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after buying an additional 38 shares during the period. Assetmark Inc. lifted its position in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after buying an additional 41 shares in the last quarter. Allworth Financial LP grew its stake in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after buying an additional 47 shares during the period. Finally, True Wealth Design LLC increased its position in shares of Atlassian by 21.6% in the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock worth $69,000 after acquiring an additional 50 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

About Atlassian

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.