BMO Capital Markets Has Lowered Expectations for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target trimmed by BMO Capital Markets from $360.00 to $295.00 in a research note released on Thursday, Marketbeat.com reports. They currently have an outperform rating on the technology company’s stock.

TEAM has been the topic of several other reports. Morgan Stanley raised their target price on Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Jefferies Financial Group dropped their price objective on shares of Atlassian from $330.00 to $262.00 and set a “buy” rating on the stock in a report on Monday. The Goldman Sachs Group upped their target price on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. JMP Securities reiterated a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. Finally, UBS Group reduced their price objective on Atlassian from $330.00 to $230.00 and set a “neutral” rating for the company in a research note on Tuesday, April 1st. Eight investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $297.50.

Atlassian Stock Down 5.5 %

Shares of Atlassian stock opened at $198.03 on Thursday. The company has a 50-day simple moving average of $253.50 and a two-hundred day simple moving average of $241.00. The stock has a market capitalization of $51.88 billion, a PE ratio of -147.78 and a beta of 1.07. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

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

Insider Buying and Selling at Atlassian

In other news, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the transaction, the president now directly owns 210,471 shares in the company, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $236.89, for a total transaction of $1,882,801.72. Following the completion of the sale, the chief executive officer now owns 421,244 shares in the company, valued at $99,788,491.16. This represents a 1.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 263,033 shares of company stock valued at $68,608,284 in the last 90 days. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Murphy & Mullick Capital Management Corp bought a new stake in Atlassian during the fourth quarter worth approximately $27,000. Colonial Trust Co SC increased its position in shares of Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after purchasing an additional 69 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Atlassian during the 4th quarter valued at approximately $38,000. Pilgrim Partners Asia Pte Ltd bought a new stake in Atlassian in the fourth quarter worth $39,000. Finally, Avion Wealth boosted its stake in Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after buying an additional 157 shares during the period. Institutional investors own 94.45% of the company’s stock.

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.