Oppenheimer Cuts Atlassian (NASDAQ:TEAM) Price Target to $250.00

Atlassian (NASDAQ:TEAM) had its price target decreased by Oppenheimer from $300.00 to $250.00 in a report released on Friday, Benzinga reports. Oppenheimer currently has an outperform rating on the technology company’s stock.

Several other brokerages have also recently issued reports on TEAM. Wells Fargo & Company lifted their target price on shares of Atlassian from $275.00 to $285.00 and gave the stock an overweight rating in a research note on Wednesday, January 24th. Piper Sandler decreased their target price on shares of Atlassian from $225.00 to $200.00 and set a neutral rating on the stock in a research note on Friday. 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. UBS Group dropped their target price on Atlassian from $260.00 to $250.00 and set a neutral rating for the company in a report on Friday, February 2nd. Finally, The Goldman Sachs Group upped their price objective on shares of Atlassian from $188.00 to $215.00 and gave the company a neutral rating in a report on Friday, February 2nd. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $223.22.

Atlassian Trading Down 1.3 %

Shares of TEAM stock opened at $177.07 on Friday. Atlassian has a 1-year low of $128.02 and a 1-year high of $258.69. The company has a market cap of $45.93 billion, a price-to-earnings ratio of -281.06 and a beta of 0.63. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a 50 day simple moving average of $199.36 and a 200-day simple moving average of $206.52.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 15.54%. Atlassian’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period last year, the company posted ($0.40) EPS. On average, equities research analysts expect that Atlassian will post -0.42 EPS for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total value of $2,074,754.16. Following the completion of the transaction, the chief executive officer now owns 329,640 shares of the company’s stock, valued at approximately $82,990,166.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Gene Liu sold 227 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $48,321.49. Following the sale, the chief accounting officer now directly owns 47,066 shares in the company, valued at $10,018,939.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the sale, the chief executive officer now directly owns 329,640 shares of the company’s stock, valued at $82,990,166.40. The disclosure for this sale can be found here. Insiders have sold a total of 300,450 shares of company stock valued at $61,106,939 in the last ninety days. Company insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. OFI Invest Asset Management purchased a new stake in Atlassian during the third quarter worth approximately $26,000. Carmel Capital Partners LLC lifted its position in shares of Atlassian by 28.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock worth $52,000 after buying an additional 57 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in shares of Atlassian by 271.0% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after buying an additional 271 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Atlassian by 255.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after acquiring an additional 291 shares in the last quarter. Finally, Operose Advisors LLC purchased a new stake in Atlassian in the third quarter valued at $99,000. 93.03% of the stock is owned by institutional investors and hedge funds.

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.