StockNews.com Lowers Atlassian (NASDAQ:TEAM) to Hold

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

Several other analysts have also weighed in on the company. KeyCorp started coverage on Atlassian in a research note on Tuesday, March 19th. They issued a sector weight rating on the stock. Robert W. Baird decreased their price target on shares of Atlassian from $270.00 to $230.00 and set an outperform rating on the stock in a report on Friday, April 26th. Citigroup lowered their price objective on shares of Atlassian from $280.00 to $265.00 and set a buy rating for the company in a research report on Friday, April 12th. Canaccord Genuity Group decreased their target price on shares of Atlassian from $260.00 to $230.00 and set a buy rating on the stock in a research note on Friday, April 26th. Finally, Barclays upgraded Atlassian from an equal weight rating to an overweight rating and increased their price target for the company from $235.00 to $275.00 in a research note on Thursday, April 11th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Atlassian currently has a consensus rating of Moderate Buy and a consensus price target of $225.35.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $181.45 on Friday. The firm has a 50 day moving average of $171.16 and a 200-day moving average of $197.50. Atlassian has a 12 month low of $152.34 and a 12 month high of $258.69. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $47.23 billion, a PE ratio of -288.02 and a beta of 0.74.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.62 by $0.27. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. The company’s revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.40) earnings per share. On average, equities research analysts predict that Atlassian will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $153.84, for a total value of $1,222,720.32. Following the completion of the sale, the chief executive officer now directly owns 55,636 shares of the company’s stock, valued at $8,559,042.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $196.26, for a total value of $1,617,378.66. Following the transaction, the chief executive officer now directly owns 407,655 shares in the company, valued at approximately $80,006,370.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $153.84, for a total transaction of $1,222,720.32. Following the sale, the chief executive officer now owns 55,636 shares of the company’s stock, valued at approximately $8,559,042.24. The disclosure for this sale can be found here. Insiders have sold a total of 270,441 shares of company stock valued at $47,474,683 over the last ninety days. 40.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Arkadios Wealth Advisors bought a new position in Atlassian in the 4th quarter valued at about $202,000. Vanguard Group Inc. raised its stake in shares of Atlassian by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock worth $3,652,495,000 after purchasing an additional 504,181 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Atlassian by 58.7% in the third quarter. American Century Companies Inc. now owns 430,112 shares of the technology company’s stock valued at $86,672,000 after purchasing an additional 159,102 shares in the last quarter. Diversified Trust Co boosted its position in shares of Atlassian by 27.6% during the first quarter. Diversified Trust Co now owns 14,036 shares of the technology company’s stock valued at $2,739,000 after buying an additional 3,035 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Atlassian during the fourth quarter worth $13,805,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

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.