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

Atlassian (NASDAQ:TEAM) had its price target decreased by Wells Fargo & Company from $285.00 to $250.00 in a research report report published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the technology company’s stock.

Several other research analysts have also weighed in on the stock. Robert W. Baird reduced their price objective on shares of Atlassian from $270.00 to $230.00 and set an outperform rating on the stock in a research note on Friday, April 26th. TD Cowen dropped their target price on shares of Atlassian from $220.00 to $210.00 and set a hold rating on the stock in a report on Friday, April 26th. Canaccord Genuity Group dropped their target price on shares of Atlassian from $260.00 to $230.00 and set a buy rating on the stock in a report on Friday, April 26th. KeyCorp started coverage on shares of Atlassian in a report on Tuesday, March 19th. They set a sector weight rating on the stock. Finally, Piper Sandler dropped their target price on shares of Atlassian from $225.00 to $200.00 and set a neutral rating on the stock in a report on Friday, April 26th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Atlassian has a consensus rating of Moderate Buy and a consensus target price of $221.28.

Atlassian Stock Up 3.1 %

Atlassian stock opened at $162.46 on Friday. The company’s 50 day simple moving average is $174.51 and its 200 day simple moving average is $202.26. Atlassian has a fifty-two week low of $152.34 and a fifty-two week high of $258.69. The firm has a market capitalization of $42.29 billion, a price-to-earnings ratio of -257.87 and a beta of 0.73. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.18 and a quick ratio of 1.18.

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

Insider Activity at Atlassian

In related news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $207.36, for a total value of $1,708,853.76. Following the completion of the transaction, the chief executive officer now directly owns 432,378 shares of the company’s stock, valued at $89,657,902.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $207.36, for a total value of $1,708,853.76. Following the completion of the transaction, the chief executive officer now directly owns 432,378 shares of the company’s stock, valued at $89,657,902.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Gene Liu sold 199 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 45,666 shares of the company’s stock, valued at $8,413,960.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 272,318 shares of company stock valued at $49,526,292. 40.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TEAM. Baillie Gifford & Co. boosted its position in Atlassian by 20.7% during the fourth quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock worth $2,094,980,000 after purchasing an additional 1,511,318 shares during the period. Morgan Stanley boosted its position in Atlassian by 156.8% during the third quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock worth $361,449,000 after purchasing an additional 1,095,297 shares during the period. Norges Bank bought a new position in Atlassian during the fourth quarter worth $247,740,000. Price T Rowe Associates Inc. MD boosted its position in Atlassian by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock worth $2,173,847,000 after purchasing an additional 904,138 shares during the period. Finally, Vanguard Group Inc. boosted its position in Atlassian by 3.4% during 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 period. 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.