TD Cowen Has Lowered Expectations for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price objective dropped by equities research analysts at TD Cowen from $140.00 to $85.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. TD Cowen’s price target would suggest a potential upside of 28.79% from the stock’s previous close.

A number of other research firms have also recently commented on TEAM. Wolfe Research reaffirmed an “outperform” rating and issued a $100.00 price objective on shares of Atlassian in a research note on Thursday, March 12th. BNP Paribas Exane began coverage on shares of Atlassian in a report on Monday, March 16th. They set an “outperform” rating and a $95.00 target price on the stock. Guggenheim set a $115.00 target price on shares of Atlassian in a report on Thursday, April 9th. Cantor Fitzgerald reduced their target price on shares of Atlassian from $240.00 to $146.00 and set an “overweight” rating on the stock in a report on Wednesday, February 4th. Finally, Jefferies Financial Group set a $150.00 target price on shares of Atlassian in a report on Friday, February 6th. Twenty investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $165.67.

Atlassian Price Performance

TEAM stock opened at $66.00 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89. Atlassian has a one year low of $56.01 and a one year high of $242.00. The stock has a market cap of $17.41 billion, a PE ratio of -91.67 and a beta of 0.99. The firm has a 50 day simple moving average of $74.89 and a two-hundred day simple moving average of $124.18.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Friday, February 6th. The technology company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the company earned $0.96 EPS. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. On average, analysts predict that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction on Friday, February 6th. The shares were sold at an average price of $94.81, for a total transaction of $726,718.65. Following the completion of the sale, the director owned 275,940 shares of the company’s stock, valued at $26,161,871.40. This represents a 2.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $249,907.20. Following the completion of the sale, the chief technology officer directly owned 212,916 shares of the company’s stock, valued at approximately $17,320,716.60. This represents a 1.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 143,983 shares of company stock worth $16,938,095 over the last ninety days. 36.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Atlassian by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock worth $3,006,281,000 after purchasing an additional 61,706 shares during the period. Baillie Gifford & Co. increased its stake in shares of Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after acquiring an additional 316,276 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Atlassian by 291.4% in the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after acquiring an additional 5,769,788 shares in the last quarter. Morgan Stanley increased its stake in shares of Atlassian by 52.4% in the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after acquiring an additional 1,657,309 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Atlassian by 3.3% in the 4th quarter. State Street Corp now owns 3,995,100 shares of the technology company’s stock worth $647,766,000 after acquiring an additional 127,105 shares in the last quarter. 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.