Atlassian (NASDAQ:TEAM) Price Target Lowered to $295.00 at BMO Capital Markets

Atlassian (NASDAQ:TEAM - Free Report) had its price objective trimmed by BMO Capital Markets from $360.00 to $295.00 in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. The firm currently has an outperform rating on the technology company's stock.

Several other research analysts have also recently issued reports on the company. Stephens started coverage on Atlassian in a research report on Wednesday, March 19th. They issued an "equal weight" rating and a $255.00 target price on the stock. UBS Group lowered their price objective on shares of Atlassian from $330.00 to $230.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 1st. Barclays boosted their target price on shares of Atlassian from $275.00 to $350.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Scotiabank increased their price target on shares of Atlassian from $250.00 to $330.00 and gave the stock a "sector perform" rating in a research report on Friday, January 31st. Finally, Piper Sandler lifted their price target on shares of Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Eight investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $297.50.

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Atlassian Stock Performance

Shares of TEAM traded up $0.34 during mid-day trading on Thursday, hitting $198.37. 2,003,551 shares of the company traded hands, compared to its average volume of 2,039,036. The stock has a market cap of $51.97 billion, a price-to-earnings ratio of -148.04 and a beta of 1.07. The stock has a 50-day moving average price of $251.13 and a two-hundred day moving average price of $241.25. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results 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 net margin of 7.22% and a negative return on equity of 17.37%. Equities analysts anticipate that Atlassian will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

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 sale, the president now owns 210,471 shares of the company's stock, valued at $54,690,889.35. The trade was a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $322.31, for a total value of $2,561,719.88. Following the sale, the chief executive officer now directly owns 270,232 shares in the company, valued at $87,098,475.92. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 263,033 shares of company stock valued at $68,608,284. 38.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

A number of hedge funds have recently bought and sold shares of TEAM. Janus Henderson Group PLC increased its holdings in shares of Atlassian by 4.2% in the 3rd quarter. Janus Henderson Group PLC now owns 15,550 shares of the technology company's stock worth $2,469,000 after buying an additional 624 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in Atlassian during the third quarter worth approximately $491,000. Geode Capital Management LLC raised its position in Atlassian by 2.8% during the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company's stock valued at $340,453,000 after purchasing an additional 57,911 shares during the period. Toronto Dominion Bank raised its position in Atlassian by 33.6% during the third quarter. Toronto Dominion Bank now owns 23,034 shares of the technology company's stock valued at $3,658,000 after purchasing an additional 5,796 shares during the period. Finally, Arete Wealth Advisors LLC bought a new stake in shares of Atlassian in the 3rd quarter valued at approximately $269,000. 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.