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

Atlassian (NASDAQ:TEAM - Get Free Report) was downgraded by equities researchers at StockNews.com from a "buy" rating to a "hold" rating in a research report issued on Monday.

Several other brokerages also recently issued reports on TEAM. Truist Financial cut their price objective on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research report on Monday. UBS Group increased their price objective on shares of Atlassian from $275.00 to $330.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. Stephens assumed coverage on shares of Atlassian in a research note on Wednesday, March 19th. They issued an "equal weight" rating and a $255.00 target price for the company. Barclays increased their price target on shares of Atlassian from $275.00 to $350.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Finally, William Blair reissued an "outperform" rating on shares of Atlassian in a report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $308.73.

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Atlassian Price Performance

Shares of NASDAQ:TEAM traded down $25.61 on Monday, hitting $198.35. The stock had a trading volume of 3,316,146 shares, compared to its average volume of 1,991,727. The company has a market capitalization of $51.97 billion, a price-to-earnings ratio of -148.02 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The firm's 50 day moving average price is $266.94 and its 200-day moving average price is $239.70. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00.

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

Insider Activity

In related news, President Anutthara Bharadwaj sold 1,520 shares of the company's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the transaction, the president now directly owns 210,471 shares of the company's stock, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Gene Liu sold 568 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $312.08, for a total value of $177,261.44. Following the transaction, the chief accounting officer now owns 52,142 shares of the company's stock, valued at approximately $16,272,475.36. This trade represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock worth $70,144,394 in the last 90 days. Corporate insiders own 38.55% of the company's stock.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently bought and sold shares of TEAM. JPMorgan Chase & Co. lifted its position in shares of Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. State Street Corp lifted its position in Atlassian by 0.3% during the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company's stock worth $565,424,000 after buying an additional 8,957 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Atlassian during the 4th quarter worth about $687,486,000. Invesco Ltd. grew its holdings in shares of Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock valued at $595,171,000 after acquiring an additional 1,777,179 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Atlassian by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock valued at $528,851,000 after acquiring an additional 27,899 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Company Profile

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.