UBS Group Has Lowered Expectations for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target cut by equities research analysts at UBS Group from $330.00 to $230.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the technology company's stock. UBS Group's price objective would suggest a potential upside of 2.70% from the stock's previous close.

A number of other equities research analysts also recently issued reports on TEAM. Morgan Stanley increased their price target on Atlassian from $315.00 to $370.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. William Blair reaffirmed an "outperform" rating on shares of Atlassian in a report on Friday, January 31st. Truist Financial dropped 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. Cantor Fitzgerald lifted their target price on Atlassian from $264.00 to $304.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Finally, Macquarie increased their target price on shares of Atlassian from $290.00 to $317.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Nine analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, Atlassian has an average rating of "Moderate Buy" and a consensus target price of $308.73.

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Atlassian Stock Performance

Atlassian stock traded up $7.55 during mid-day trading on Tuesday, hitting $223.96. 2,333,047 shares of the company's stock traded hands, compared to its average volume of 1,986,451. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a 50 day simple moving average of $266.94 and a two-hundred day simple moving average of $239.70. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The stock has a market cap of $58.68 billion, a price-to-earnings ratio of -167.13 and a beta of 1.07.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) 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%. On average, research analysts expect that Atlassian will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the sale, the president now directly owns 210,471 shares in the company, valued at approximately $54,690,889.35. The trade was a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $209.73, for a total value of $1,666,934.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 270,981 shares of company stock worth $72,069,956. 38.55% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

Several hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its stake in Atlassian by 17.3% in the third quarter. The Manufacturers Life Insurance Company now owns 30,353 shares of the technology company's stock valued at $4,824,000 after purchasing an additional 4,479 shares in the last quarter. Townsquare Capital LLC increased its position in Atlassian by 16.0% in the 3rd quarter. Townsquare Capital LLC now owns 1,338 shares of the technology company's stock valued at $212,000 after buying an additional 185 shares in the last quarter. Paloma Partners Management Co acquired a new position in Atlassian during the 3rd quarter worth approximately $1,588,000. Bamco Inc. NY boosted its holdings in Atlassian by 242.7% in the third quarter. Bamco Inc. NY now owns 124,018 shares of the technology company's stock worth $19,695,000 after acquiring an additional 87,834 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in Atlassian by 4.2% in the third quarter. Janus Henderson Group PLC now owns 15,550 shares of the technology company's stock worth $2,469,000 after acquiring an additional 624 shares in the last quarter. 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.