Atlassian (NASDAQ:TEAM) Cut to “Hold” at StockNews.com

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

Other analysts also recently issued research reports about the stock. Piper Sandler boosted their target price on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Wells Fargo & Company lifted their price objective on shares of Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Raymond James reissued an “outperform” rating and issued a $330.00 target price (up from $250.00) on shares of Atlassian in a research report on Friday, January 31st. JMP Securities restated a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. Finally, Barclays boosted their price target on Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Nine analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average price target of $319.71.

Atlassian Stock Down 9.4 %

Atlassian stock opened at $250.66 on Tuesday. Atlassian has a 1-year low of $135.29 and a 1-year high of $326.00. The business has a fifty day moving average price of $276.34 and a 200-day moving average price of $231.09. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $65.67 billion, a price-to-earnings ratio of -187.06 and a beta of 0.87.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Equities research analysts forecast that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $269.35, for a total value of $2,140,793.80. Following the transaction, the director now directly owns 111,272 shares of the company’s stock, valued at approximately $29,971,113.20. This trade represents a 6.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $254.76, for a total transaction of $387,235.20. Following the sale, the president now directly owns 211,991 shares of the company’s stock, valued at approximately $54,006,827.16. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 264,553 shares of company stock worth $72,913,406. 38.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TEAM. Massachusetts Financial Services Co. MA acquired a new stake in shares of Atlassian in the 4th quarter worth $687,486,000. Voya Investment Management LLC grew its holdings in shares of Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock valued at $528,693,000 after purchasing an additional 2,160,810 shares during the period. JPMorgan Chase & Co. increased its position in Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares during the last quarter. Invesco Ltd. increased its position in Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after purchasing an additional 1,777,179 shares during the last quarter. Finally, Durable Capital Partners LP raised its stake in Atlassian by 499.7% during the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company’s stock worth $383,456,000 after purchasing an additional 1,312,820 shares during the period. 94.45% 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.