Atlassian (NASDAQ:TEAM) Price Target Cut to $230.00 by Analysts at UBS Group

Atlassian (NASDAQ:TEAM) had its target price lowered by UBS Group from $330.00 to $230.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Several other research firms have also weighed in on TEAM. Citigroup raised their price objective on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Canaccord Genuity Group raised their price target on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Macquarie upped their price objective on shares of Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Jefferies Financial Group dropped their price objective on shares of Atlassian from $400.00 to $330.00 and set a “buy” rating for the company in a research note on Monday. Finally, Oppenheimer boosted their target price on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $308.73.

Atlassian Stock Performance

Shares of Atlassian stock opened at $198.35 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a market cap of $51.97 billion, a PE ratio of -148.02 and a beta of 1.07. The company has a 50 day moving average of $265.59 and a 200-day moving average of $239.42. Atlassian has a 1-year low of $135.29 and a 1-year high of $326.00.

Atlassian (NASDAQ:TEAM) last released its 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%. As a group, equities research analysts forecast that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other Atlassian news, CAO Gene Liu sold 568 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $312.08, for a total transaction of $177,261.44. Following the transaction, the chief accounting officer now directly owns 52,142 shares in the company, valued at approximately $16,272,475.36. This represents a 1.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the sale, the chief executive officer now directly owns 429,192 shares of the company’s stock, valued at approximately $104,529,711.60. This trade represents a 3.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 270,981 shares of company stock worth $71,914,254 over the last three months. 38.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian during the fourth quarter valued at about $27,000. Colonial Trust Co SC increased its position in Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after buying an additional 69 shares in the last quarter. Summit Securities Group LLC bought a new stake in Atlassian in the 4th quarter valued at about $38,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Atlassian during the 4th quarter worth approximately $39,000. Finally, Avion Wealth boosted its holdings in Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after acquiring an additional 157 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

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.