Atlassian (NASDAQ:TEAM) Price Target Lowered to $250.00 at Wells Fargo & Company

Atlassian (NASDAQ:TEAM) had its price target reduced by equities researchers at Wells Fargo & Company from $285.00 to $250.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 58.71% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Truist Financial cut their price target on Atlassian from $220.00 to $200.00 and set a “hold” rating for the company in a report on Friday, April 26th. StockNews.com raised Atlassian from a “hold” rating to a “buy” rating in a report on Friday, June 7th. Canaccord Genuity Group cut their price target on Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a report on Friday, April 26th. Robert W. Baird cut their price target on Atlassian from $270.00 to $230.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Finally, Citigroup cut their price target on Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a report on Friday, April 12th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $221.28.

Atlassian Stock Up 2.8 %

TEAM opened at $157.52 on Friday. The business’s fifty day moving average is $175.39 and its two-hundred day moving average is $202.48. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market cap of $41.00 billion, a price-to-earnings ratio of -250.03 and a beta of 0.73. Atlassian has a one year low of $152.34 and a one year high of $258.69.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. Atlassian’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.40) earnings per share. Analysts anticipate that Atlassian will post -0.21 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $192.21, for a total value of $1,584,002.61. Following the completion of the sale, the chief executive officer now owns 24,723 shares of the company’s stock, valued at $4,752,007.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $192.21, for a total value of $1,584,002.61. Following the completion of the transaction, the chief executive officer now owns 24,723 shares of the company’s stock, valued at $4,752,007.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Gene Liu sold 199 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total value of $36,665.75. Following the completion of the transaction, 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 272,318 shares of company stock valued at $49,526,292 over the last quarter. Company insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Institutional investors and hedge funds have recently made changes to their positions in the stock. Arkadios Wealth Advisors acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $202,000. Vanguard Group Inc. increased its position in Atlassian by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after acquiring an additional 504,181 shares during the period. American Century Companies Inc. boosted its stake in Atlassian by 58.7% during the 3rd 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. International Assets Investment Management LLC bought a new position in Atlassian during the 4th quarter valued at $13,805,000. Finally, Royal Bank of Canada boosted its stake in Atlassian by 17.3% during the 3rd quarter. Royal Bank of Canada now owns 381,430 shares of the technology company’s stock valued at $76,862,000 after purchasing an additional 56,149 shares in the last quarter. 93.03% 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.