Atlassian (NASDAQ:TEAM) Price Target Lowered to $320.00 at Morgan Stanley

Atlassian (NASDAQ:TEAM - Get Free Report) had its target price decreased by analysts at Morgan Stanley from $370.00 to $320.00 in a research report issued on Wednesday, MarketBeat Ratings reports. The firm currently has an "overweight" rating on the technology company's stock. Morgan Stanley's price target suggests a potential upside of 57.83% from the stock's current price.

A number of other research analysts have also recently weighed in on TEAM. Truist Financial dropped their price objective on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Barclays raised their price objective on Atlassian from $275.00 to $350.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Stephens reiterated an "equal weight" rating and set a $255.00 target price on shares of Atlassian in a report on Monday, April 14th. Robert W. Baird upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and cut their price target for the company from $320.00 to $255.00 in a report on Monday, April 14th. Finally, Jefferies Financial Group reduced their target price on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Six analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Atlassian presently has an average rating of "Moderate Buy" and a consensus price target of $297.73.

Atlassian Price Performance

Atlassian stock traded down $2.56 during midday trading on Wednesday, reaching $202.75. The company's stock had a trading volume of 1,564,440 shares, compared to its average volume of 2,049,295. 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 has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The firm has a market capitalization of $53.12 billion, a PE ratio of -151.30 and a beta of 1.07. The stock's 50 day simple moving average is $239.67 and its 200 day simple moving average is $242.74.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data 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 return on equity of 17.37% and a negative net margin of 7.22%. On average, equities research analysts forecast that Atlassian will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $312.58, for a total value of $475,121.60. Following the completion of the transaction, the president now owns 201,657 shares in the company, valued at approximately $63,033,945.06. This trade represents a 0.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were 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 approximately $87,098,475.92. This represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 261,513 shares of company stock worth $67,123,959 in the last ninety days. 38.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently modified their holdings of the company. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian during the fourth quarter worth approximately $27,000. Clean Yield Group increased its holdings in shares of Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after purchasing an additional 93 shares during the period. Colonial Trust Co SC raised its stake in shares of Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after purchasing an additional 69 shares in the last quarter. Summit Securities Group LLC bought a new position in Atlassian in the 4th quarter valued at about $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Atlassian in the 4th quarter valued at about $39,000. Institutional investors 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.