Atlassian (NASDAQ:TEAM) Price Target Cut to $140.00

Atlassian (NASDAQ:TEAM - Get Rating) had its price target decreased by investment analysts at Piper Sandler from $148.00 to $140.00 in a note issued to investors on Tuesday, The Fly reports. Piper Sandler's target price points to a potential upside of 8.80% from the company's current price.

Several other equities analysts also recently weighed in on the company. Morgan Stanley decreased their target price on Atlassian from $375.00 to $190.00 and set an "overweight" rating on the stock in a research report on Friday, November 11th. The Goldman Sachs Group decreased their target price on Atlassian from $300.00 to $265.00 and set a "buy" rating on the stock in a research report on Friday, November 4th. Citigroup decreased their target price on Atlassian from $375.00 to $210.00 and set a "buy" rating on the stock in a research report on Monday, November 7th. William Blair restated an "outperform" rating on shares of Atlassian in a research report on Friday, November 4th. Finally, Mizuho reduced their price objective on Atlassian from $320.00 to $255.00 and set a "buy" rating on the stock in a research report on Friday, November 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and an average price target of $242.45.

Atlassian Stock Performance

Shares of TEAM stock opened at $128.68 on Tuesday. The company has a market capitalization of $32.88 billion, a P/E ratio of -144.58 and a beta of 0.80. The business's 50 day moving average is $140.96 and its two-hundred day moving average is $194.97. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 2.08. Atlassian has a 12-month low of $113.86 and a 12-month high of $388.87.

Atlassian (NASDAQ:TEAM - Get Rating) last issued its quarterly earnings results on Thursday, November 3rd. The technology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.46. The company had revenue of $807.39 million for the quarter, compared to the consensus estimate of $806.42 million. Atlassian had a negative return on equity of 71.10% and a negative net margin of 7.60%. Atlassian's revenue for the quarter was up 31.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.01) earnings per share. Analysts expect that Atlassian will post -0.96 EPS for the current fiscal year.

Insider Activity

In other news, CTO Rajeev Bashyam Rajan sold 442 shares of Atlassian stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $117.07, for a total value of $51,744.94. Following the completion of the sale, the chief technology officer now directly owns 114,133 shares of the company's stock, valued at $13,361,550.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CTO Rajeev Bashyam Rajan sold 442 shares of Atlassian stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $117.07, for a total value of $51,744.94. Following the completion of the sale, the chief technology officer now directly owns 114,133 shares of the company's stock, valued at $13,361,550.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Cannon-Brookes sold 8,614 shares of Atlassian stock in a transaction on Friday, October 7th. The shares were sold at an average price of $229.11, for a total value of $1,973,553.54. Following the completion of the sale, the chief executive officer now directly owns 499,612 shares of the company's stock, valued at $114,466,105.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 283,738 shares of company stock valued at $44,332,666. 43.11% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Cigna Investments Inc. New boosted its holdings in Atlassian by 3.4% in the second quarter. Cigna Investments Inc. New now owns 1,244 shares of the technology company's stock valued at $233,000 after purchasing an additional 41 shares during the period. Quent Capital LLC boosted its holdings in Atlassian by 28.4% in the second quarter. Quent Capital LLC now owns 217 shares of the technology company's stock valued at $41,000 after purchasing an additional 48 shares during the period. Legacy Wealth Asset Management LLC boosted its holdings in Atlassian by 1.8% in the second quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company's stock valued at $580,000 after purchasing an additional 54 shares during the period. Greenleaf Trust boosted its holdings in Atlassian by 2.2% in the second quarter. Greenleaf Trust now owns 3,291 shares of the technology company's stock valued at $617,000 after purchasing an additional 71 shares during the period. Finally, NEIRG Wealth Management LLC boosted its holdings in Atlassian by 6.9% in the second quarter. NEIRG Wealth Management LLC now owns 1,154 shares of the technology company's stock valued at $216,000 after purchasing an additional 74 shares during the period. 45.50% of the stock is currently owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its products include Jira Software and Jira Work Management, a workflow management system for teams to plan, track, collaborate, and manage work, and projects; Jira Service Management, a service desk product for creating and managing service experiences for various service team providers, including IT, legal, and HR teams; Jira Align for enterprise organizations to build and manage a master plan that maps strategic projects to the various work streams required to deliver them; and Opsgenie, an incident management tool that enables IT teams to plan for and respond to service disruptions.

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