Atlassian (NASDAQ:TEAM) Lowered to Hold Rating by StockNews.com

Atlassian (NASDAQ:TEAM) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

A number of other equities analysts also recently issued reports on TEAM. Canaccord Genuity Group increased their price target on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. William Blair reiterated an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Morgan Stanley boosted their price target on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Wells Fargo & Company increased their price objective on shares of Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Cantor Fitzgerald lifted their target price on shares of Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $319.71.

Atlassian Stock Performance

Shares of NASDAQ:TEAM traded down $0.60 during trading on Tuesday, hitting $273.62. 2,119,163 shares of the stock traded hands, compared to its average volume of 1,886,292. The company has a fifty day moving average price of $276.03 and a two-hundred day moving average price of $230.63. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a market cap of $71.69 billion, a price-to-earnings ratio of -204.19 and a beta of 0.87. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, equities analysts predict that Atlassian will post -0.34 EPS for the current year.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $269.35, for a total value of $2,140,793.80. Following the transaction, the director now directly owns 111,272 shares in the company, valued at approximately $29,971,113.20. This represents a 6.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total value of $825,000.00. Following the transaction, the director now owns 5,610 shares of the company’s stock, valued at approximately $1,542,750. This represents a 34.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 275,501 shares of company stock valued at $75,954,229 in the last three months. 38.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently made changes to their positions in TEAM. Murphy & Mullick Capital Management Corp acquired a new position in Atlassian during the fourth quarter worth $27,000. Colonial Trust Co SC lifted its stake in Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after acquiring an additional 69 shares in the last quarter. Summit Securities Group LLC purchased a new position in Atlassian during the 4th quarter valued at about $38,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Atlassian in the 4th quarter valued at about $39,000. Finally, Avion Wealth increased 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 purchasing an additional 157 shares during the period. Hedge funds and other 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.