Truist Financial Issues Pessimistic Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM - Get Free Report) had its target price reduced by investment analysts at Truist Financial from $350.00 to $300.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Truist Financial's price target suggests a potential upside of 59.38% from the stock's current price.

TEAM has been the topic of several other reports. Barclays upped their price objective on shares of Atlassian from $275.00 to $350.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. JMP Securities restated a "market perform" rating on shares of Atlassian in a research note on Friday, January 31st. Piper Sandler lifted their price objective on Atlassian from $310.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Jefferies Financial Group boosted their price objective on Atlassian from $300.00 to $325.00 and gave the company a "buy" rating in a report on Friday, January 24th. Finally, Scotiabank raised their target price on Atlassian from $250.00 to $330.00 and gave the company a "sector perform" rating in a report on Friday, January 31st. Nine analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $308.73.

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Atlassian Trading Down 5.1 %

Atlassian stock traded down $10.12 during mid-day trading on Monday, hitting $188.23. The company's stock had a trading volume of 1,429,746 shares, compared to its average volume of 1,993,090. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00. The stock's fifty day moving average is $265.59 and its two-hundred day moving average is $239.42. The firm has a market capitalization of $49.32 billion, a PE ratio of -140.39 and a beta of 1.07. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

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, analysts anticipate that Atlassian will post -0.34 EPS for the current year.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $209.73, for a total transaction of $1,666,934.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 1,723 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total transaction of $526,962.32. Following the completion of the transaction, the president now directly owns 199,934 shares in the company, valued at $61,147,814.56. This represents a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,981 shares of company stock valued at $71,914,254 in the last ninety days. 38.55% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently made changes to their positions in TEAM. Virtu Financial LLC purchased a new position in Atlassian in the third quarter valued at about $606,000. Fulton Bank N.A. purchased a new position in Atlassian in the 4th quarter valued at approximately $447,000. Paloma Partners Management Co acquired a new position in Atlassian during the third quarter worth $1,588,000. Allworth Financial LP boosted its position in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock worth $404,000 after purchasing an additional 47 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in Atlassian by 20.1% in the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company's stock valued at $7,458,000 after purchasing an additional 5,088 shares during the last quarter. Institutional investors and hedge funds 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.