Atlassian (NASDAQ:TEAM) Cut to “Hold” at Baird R W

Baird R W downgraded shares of Atlassian (NASDAQ:TEAM) from a strong-buy rating to a hold rating in a research report released on Friday, Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. Citigroup decreased their target price on shares of Atlassian from $280.00 to $265.00 and set a buy rating for the company in a research note on Friday, April 12th. Canaccord Genuity Group decreased their price objective on shares of Atlassian from $260.00 to $230.00 and set a buy rating for the company in a research report on Friday, April 26th. Scotiabank dropped their target price on shares of Atlassian from $210.00 to $175.00 and set a sector perform rating on the stock in a report on Friday. Truist Financial reduced their price target on Atlassian from $200.00 to $160.00 and set a hold rating for the company in a report on Friday. Finally, TD Cowen dropped their price objective on Atlassian from $220.00 to $210.00 and set a hold rating on the stock in a research note on Friday, April 26th. Nine analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $219.25.

Atlassian Stock Down 0.6 %

Atlassian stock opened at $142.85 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.82. Atlassian has a 1-year low of $135.29 and a 1-year high of $258.69. The company has a fifty day simple moving average of $169.60 and a 200 day simple moving average of $191.11. The company has a market cap of $37.18 billion, a P/E ratio of -228.06 and a beta of 0.74.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative return on equity of 18.13% and a negative net margin of 6.89%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the previous year, the business earned ($0.21) earnings per share. Atlassian’s quarterly revenue was up 20.5% on a year-over-year basis. Research analysts anticipate that Atlassian will post -0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CAO Gene Liu sold 199 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total transaction of $36,665.75. Following the transaction, the chief accounting officer now owns 45,666 shares in the company, valued at approximately $8,413,960.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $179.88, for a total value of $1,482,391.08. Following the transaction, the chief executive officer now owns 267,558 shares in the company, valued at $48,128,333.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Gene Liu sold 199 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $184.25, for a total transaction of $36,665.75. Following the sale, the chief accounting officer now directly owns 45,666 shares of the company’s stock, valued at approximately $8,413,960.50. The disclosure for this sale can be found here. Insiders sold 274,992 shares of company stock worth $47,338,797 in the last quarter. 40.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently bought and sold shares of the company. Graypoint LLC boosted its position in shares of Atlassian by 2.4% during the 4th quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock worth $424,000 after acquiring an additional 42 shares in the last quarter. First Trust Direct Indexing L.P. lifted its stake in Atlassian by 1.5% during the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock worth $721,000 after purchasing an additional 55 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Atlassian by 5.7% in the 4th quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock valued at $248,000 after purchasing an additional 56 shares in the last quarter. Park National Corp OH increased its stake in shares of Atlassian by 4.0% in the 1st quarter. Park National Corp OH now owns 1,497 shares of the technology company’s stock valued at $292,000 after purchasing an additional 58 shares during the last quarter. Finally, Atria Wealth Solutions Inc. raised its holdings in shares of Atlassian by 3.2% during the 4th quarter. Atria Wealth Solutions Inc. now owns 1,885 shares of the technology company’s stock worth $448,000 after buying an additional 59 shares in the last quarter. 93.03% of the stock is owned by institutional investors.

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.