Wells Fargo & Company Cuts Atlassian (NASDAQ:TEAM) Price Target to $330.00

Atlassian (NASDAQ:TEAM) had its price target decreased by Wells Fargo & Company from $375.00 to $330.00 in a research report sent to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the technology company’s stock.

Several other brokerages have also recently weighed in on TEAM. Piper Sandler lifted their price target 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. The Goldman Sachs Group raised their price objective on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. William Blair reiterated an “outperform” rating on shares of Atlassian in a research note on Friday, January 31st. KeyCorp decreased their target price on shares of Atlassian from $365.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, BMO Capital Markets dropped their price target on shares of Atlassian from $360.00 to $295.00 and set an “outperform” rating for the company in a research report on Thursday. Eight investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $297.50.

Atlassian Price Performance

NASDAQ TEAM opened at $198.37 on Thursday. The stock has a market capitalization of $51.97 billion, a price-to-earnings ratio of -148.04 and a beta of 1.07. Atlassian has a 1-year low of $135.29 and a 1-year high of $326.00. 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 business’s fifty day moving average price is $251.13 and its 200-day moving average price is $241.25.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (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%. On average, equities analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $236.89, for a total transaction of $1,882,801.72. Following the transaction, the chief executive officer now owns 421,244 shares in the company, valued at $99,788,491.16. The trade was a 1.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares of the company’s stock, valued at $54,690,889.35. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 263,033 shares of company stock worth $68,608,284. 38.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Murphy & Mullick Capital Management Corp bought a new position in Atlassian in the 4th quarter valued at $27,000. Colonial Trust Co SC increased its position in shares of 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. Summit Securities Group LLC bought a new stake in Atlassian during the 4th quarter valued at $38,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in Atlassian in the fourth quarter worth about $39,000. Finally, Avion Wealth lifted its position in shares of Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares during the period. Institutional investors own 94.45% of the company’s stock.

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.