Atlassian (NASDAQ:TEAM) Downgraded by Zacks Research to “Hold”

Zacks Research cut shares of Atlassian (NASDAQ:TEAM) from a strong-buy rating to a hold rating in a report released on Monday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Canaccord Genuity Group decreased their target price on Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Wells Fargo & Company dropped their target price on Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a research report on Tuesday, March 17th. Cantor Fitzgerald boosted their price target on shares of Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. KeyCorp reduced their price target on shares of Atlassian from $170.00 to $130.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Finally, TD Cowen raised their price objective on shares of Atlassian from $85.00 to $105.00 and gave the company a “hold” rating in a research note on Friday, May 1st. Twenty-one investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $145.26.

Atlassian Stock Down 1.9%

Shares of NASDAQ TEAM opened at $77.79 on Monday. The firm has a market cap of $19.74 billion, a price-to-earnings ratio of -93.72, a PEG ratio of 4.49 and a beta of 1.07. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian has a 52-week low of $56.01 and a 52-week high of $222.59. The business’s 50 day moving average is $85.67 and its two-hundred day moving average is $98.12.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. The firm’s revenue was up 31.7% compared to the same quarter last year. Research analysts predict that Atlassian will post 0.81 EPS for the current year.

Insider Transactions at Atlassian

In other news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares in the company, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the sale, the executive directly owned 227,691 shares in the company, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 20,041 shares of company stock worth $1,801,069 in the last ninety days. 36.66% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently modified their holdings of the company. MV Capital Management Inc. purchased a new position in Atlassian in the fourth quarter valued at $25,000. Geneos Wealth Management Inc. lifted its holdings in Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after buying an additional 161 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in Atlassian during the 4th quarter worth about $32,000. Basepoint Wealth LLC acquired a new position in shares of Atlassian during the 4th quarter worth about $32,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in shares of Atlassian during the 4th quarter worth about $32,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.