Atlassian (NASDAQ:TEAM) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Atlassian (NASDAQ:TEAM) from a buy rating to a hold rating in a report released on Thursday.

Several other brokerages have also recently issued reports on TEAM. Truist Financial reaffirmed a “buy” rating and set a $350.00 price objective (up from $300.00) on shares of Atlassian in a report on Friday, January 31st. Mizuho raised their price target on shares of Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Citigroup lifted their price objective on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, January 17th. KeyCorp upped their price target on shares of Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $255.00 to $292.00 in a report on Friday, January 10th. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Stock Down 0.8 %

NASDAQ:TEAM opened at $316.00 on Thursday. The firm’s fifty day simple moving average is $268.61 and its 200-day simple moving average is $216.16. The company has a quick ratio of 1.18, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Sell-side analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

In other news, CAO Gene Liu sold 165 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total value of $40,563.60. Following the transaction, the chief accounting officer now directly owns 56,423 shares in the company, valued at approximately $13,871,030.32. This trade represents a 0.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $239.19, for a total transaction of $1,901,082.12. Following the sale, the chief executive officer now directly owns 230,492 shares of the company’s stock, valued at approximately $55,131,381.48. This represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 272,601 shares of company stock valued at $72,961,244. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $27,000. GAMMA Investing LLC increased its position in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares during the period. True Wealth Design LLC lifted its stake in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of Atlassian during the fourth quarter valued at $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian during the fourth quarter worth about $39,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.