Atlassian (NASDAQ:TEAM) Price Target Cut to $95.00 by Analysts at BMO Capital Markets

Atlassian (NASDAQ:TEAM) had its target price lowered by BMO Capital Markets from $105.00 to $95.00 in a note issued to investors on Thursday. The brokerage currently has an “outperform” rating on the technology company’s stock. BMO Capital Markets’ target price suggests a potential upside of 16.49% from the company’s current price.

Several other research firms have also recently issued reports on TEAM. Robert W. Baird set a $120.00 price target on Atlassian in a research note on Friday, May 1st. TD Cowen lifted 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. Zacks Research raised shares of Atlassian from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research report on Monday, April 20th. Finally, Wolfe Research restated an “outperform” rating and set a $100.00 price target on shares of Atlassian in a research report on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $145.26.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $81.56 on Thursday. The firm’s 50 day moving average is $84.69 and its two-hundred day moving average is $100.47. Atlassian has a 52 week low of $56.01 and a 52 week high of $222.59. The firm has a market capitalization of $20.70 billion, a P/E ratio of -98.26, a PEG ratio of 4.61 and a beta of 1.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm posted $0.97 earnings per share. The business’s revenue was up 31.7% on a year-over-year basis. Analysts anticipate that Atlassian will post 0.81 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In related news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. The trade was a 2.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 stock in a transaction on Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive owned 227,691 shares of the company’s stock, valued at $20,426,159.61. This trade represents a 1.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 20,041 shares of company stock valued at $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. OFI Invest Asset Management grew its position in Atlassian by 16.3% during the fourth quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock valued at $41,273,000 after purchasing an additional 35,682 shares in the last quarter. Baillie Gifford & Co. boosted its stake in shares of Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after buying an additional 316,276 shares during the period. Exane Asset Management boosted its stake in shares of Atlassian by 419.9% during the 4th quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock valued at $5,085,000 after buying an additional 25,330 shares during the period. Nicholas Company Inc. grew its holdings in shares of Atlassian by 8.7% during the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock valued at $49,748,000 after acquiring an additional 24,490 shares in the last quarter. Finally, Intech Investment Management LLC increased its stake in shares of Atlassian by 180.3% in the third quarter. Intech Investment Management LLC now owns 140,984 shares of the technology company’s stock worth $22,515,000 after acquiring an additional 90,692 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.