BMO Capital Markets Cuts Atlassian (NASDAQ:TEAM) Price Target to $295.00

Atlassian (NASDAQ:TEAM) had its target price cut by analysts at BMO Capital Markets from $360.00 to $295.00 in a research note issued to investors on Thursday, MarketBeat.com reports. The firm presently has an “outperform” rating on the technology company’s stock. BMO Capital Markets’ price target points to a potential upside of 48.71% from the company’s previous close.

TEAM has been the topic of several other research reports. Truist Financial cut their price objective on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Scotiabank upped their price target on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research note on Friday, January 31st. Macquarie lifted their price objective on shares of Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Piper Sandler upped their target price on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Raymond James restated an “outperform” rating and issued a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research note on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $297.50.

Atlassian Price Performance

Shares of TEAM opened at $198.37 on Thursday. The company has a 50 day moving average of $251.13 and a two-hundred day moving average of $241.25. The company has a market cap of $51.97 billion, a price-to-earnings ratio of -148.04 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00.

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

Insider Activity at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $253.01, for a total transaction of $2,010,923.48. Following the transaction, the director now owns 389,452 shares in the company, valued at approximately $98,535,250.52. This represents a 2.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction that occurred on 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 owns 210,471 shares of the company’s stock, valued at $54,690,889.35. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 263,033 shares of company stock worth $68,608,284. 38.55% of the stock is owned by company insiders.

Institutional Trading of Atlassian

Several institutional investors have recently modified their holdings of the stock. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian during the 4th quarter worth about $27,000. Colonial Trust Co SC raised its holdings 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 valued at $34,000 after acquiring an additional 69 shares during the last quarter. Summit Securities Group LLC purchased a new position in shares of Atlassian in the fourth quarter valued at approximately $38,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Atlassian in the fourth quarter worth approximately $39,000. Finally, Avion Wealth increased its position in shares of Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares in the last quarter. 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.