Atlassian (NASDAQ:TEAM) Cut to “Hold” at StockNews.com

by · The Markets Daily

StockNews.com lowered shares of Atlassian (NASDAQ:TEAM – Free Report) from a buy rating to a hold rating in a report published on Monday morning.

A number of other research analysts have also recently weighed in on TEAM. Cantor Fitzgerald raised their price target on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. JMP Securities restated a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. Barclays upped their price target on shares of Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Stephens started coverage on shares of Atlassian in a research note on Wednesday, March 19th. They set an “equal weight” rating and a $255.00 price objective for the company. Finally, William Blair restated an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Nine equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $308.73.

Read Our Latest Stock Report on TEAM

Atlassian Stock Up 3.5 %

Shares of NASDAQ TEAM opened at $223.96 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm has a 50-day moving average price of $266.94 and a 200 day moving average price of $239.70. Atlassian has a 52 week low of $135.29 and a 52 week high of $326.00. The stock has a market capitalization 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 announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS 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%. Equities research analysts anticipate that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 15,896 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $243.55, for a total value of $3,871,470.80. Following the transaction, the chief executive officer now owns 429,192 shares in the company, valued at approximately $104,529,711.60. This trade represents a 3.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $229.64, for a total transaction of $1,825,178.72. Following the sale, the director now owns 23,844 shares of the company’s stock, valued at approximately $5,475,536.16. This represents a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 263,033 shares of company stock worth $70,144,394 in the last ninety days. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Atlassian in the fourth quarter valued at about $27,000. Colonial Trust Co SC grew its position in Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after acquiring an additional 69 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Atlassian during the fourth quarter valued at approximately $38,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Atlassian during the fourth quarter worth $39,000. Finally, Avion Wealth boosted its stake in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after purchasing an additional 157 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

About Atlassian

(Get Free Report)

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.

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