Atlassian (NASDAQ:TEAM) Stock Gets Price Target Trim from Citigroup

Atlassian (NASDAQ:TEAM) had its target price decreased by Citigroup from $245.00 to $220.00 in a research report report published on Monday,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Other equities analysts have also issued research reports about the stock. TD Cowen increased their target price on shares of Atlassian from $145.00 to $180.00 and gave the company a “hold” rating in a research report on Tuesday, November 3rd. BMO Capital Markets restated an “outperform” rating and set a $225.00 price target on shares of Atlassian in a research report on Friday, October 30th. Bank of America upped their price target on shares of Atlassian from $175.00 to $210.00 and gave the stock a “buy” rating in a research note on Monday, August 31st. Raymond James Financial set a $180.00 price objective on shares of Atlassian in a report on Friday, August 7th. Finally, KeyCorp raised their price objective on shares of Atlassian from $185.00 to $235.00 and gave the company an “overweight” rating in a research note on Monday, October 19th. Twenty-four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average price target of $209.48.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $152.44 on Monday. The firm’s 50 day moving average is $193.74 and its two-hundred day moving average is $119.94. Atlassian has a 52 week low of $56.01 and a 52 week high of $229.96. The firm has a market capitalization of $38.59 billion, a P/E ratio of 423.46, a PEG ratio of 15.40 and a beta of 1.16. The company has a current ratio of 0.72, a quick ratio of 0.78 and a debt-to-equity ratio of 1.09.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, November 5th. The technology company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.26. Atlassian had a return on equity of 33.53% and a net margin of 1.28%. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the previous year, the firm posted $1.04 EPS. The firm’s quarterly revenue was up 23.7% on a year-over-year basis. Analysts anticipate that Atlassian will post 0.69 earnings per share for the current year.

Insider Activity

In related news, CRO Brian Duffy sold 7,617 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $163.00, for a total value of $1,241,571.00. Following the completion of the sale, the executive directly owned 220,074 shares of the company’s stock, valued at approximately $35,872,062. This represents a 3.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the sale, the chief financial officer owned 279,218 shares of the company’s stock, valued at $48,151,144.10. The trade was a 3.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 21,738 shares of company stock worth $3,701,038. 37.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Institutional investors and hedge funds have recently bought and sold shares of the business. Carmignac Gestion increased its holdings in shares of Atlassian by 115.8% in the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after purchasing an additional 1,397,402 shares during the period. First Trust Advisors LP raised its holdings in shares of Atlassian by 48.4% during the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock valued at $160,377,000 after purchasing an additional 766,922 shares in the last quarter. KBC Group NV raised its holdings in Atlassian by 1,691.2% during the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after buying an additional 1,359,624 shares in the last quarter. Ieq Capital LLC lifted its position in shares of Atlassian by 1.9% in the third quarter. Ieq Capital LLC now owns 634,053 shares of the technology company’s stock worth $113,679,000 after buying an additional 12,099 shares during the last quarter. Finally, Swiss National Bank lifted its position in shares of Atlassian by 8.2% in the first quarter. Swiss National Bank now owns 493,267 shares of the technology company’s stock worth $33,665,000 after buying an additional 37,500 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

Atlassian Corporation develops collaboration and productivity software for software, IT and business teams. Its products help organizations plan and track work, manage software development and support services, and share information across teams. Its product portfolio includes Jira for project and issue tracking, Confluence for team documentation and collaboration, Jira Service Management for IT and other service teams, Trello for visual work management, and Bitbucket for code collaboration. Atlassian also offers cloud-based products and tools for distributed teams.