Robert W. Baird Cuts Atlassian (NASDAQ:TEAM) Price Target to $190.00

Atlassian (NASDAQ:TEAM - Get Rating) had its price objective dropped by research analysts at Robert W. Baird from $210.00 to $190.00 in a research note issued on Thursday, The Fly reports. Robert W. Baird's target price suggests a potential upside of 36.08% from the company's previous close.

Other analysts have also issued research reports about the company. Piper Sandler lowered Atlassian from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $283.00 to $148.00 in a report on Friday, November 4th. StockNews.com downgraded Atlassian from a "hold" rating to a "sell" rating in a report on Monday. Citigroup reduced their target price on Atlassian from $375.00 to $210.00 and set a "buy" rating for the company in a report on Monday, November 7th. Jefferies Financial Group reduced their target price on Atlassian from $260.00 to $220.00 and set a "hold" rating for the company in a report on Monday, October 31st. Finally, Mizuho reduced their target price on Atlassian from $320.00 to $255.00 and set a "buy" rating for the company in a report on Friday, November 4th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $242.85.

Atlassian Trading Up 1.2 %

Shares of TEAM stock opened at $139.62 on Thursday. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.25 and a current ratio of 1.25. Atlassian has a 1 year low of $113.86 and a 1 year high of $399.10. The stock has a fifty day moving average of $151.96 and a two-hundred day moving average of $198.04. The firm has a market capitalization of $35.68 billion, a PE ratio of -156.88 and a beta of 0.81.

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

Insiders Place Their Bets

In other Atlassian news, CTO Rajeev Bashyam Rajan sold 3,128 shares of the company's stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $115.01, for a total value of $359,751.28. Following the transaction, the chief technology officer now directly owns 114,575 shares of the company's stock, valued at approximately $13,177,270.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Atlassian news, CTO Rajeev Bashyam Rajan sold 3,128 shares of the company's stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $115.01, for a total value of $359,751.28. Following the transaction, the chief technology officer now directly owns 114,575 shares of the company's stock, valued at approximately $13,177,270.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 8,614 shares of the company's stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of $237.95, for a total value of $2,049,701.30. Following the completion of the transaction, the chief executive officer now directly owns 516,840 shares in the company, valued at $122,982,078. The disclosure for this sale can be found here. Insiders have sold a total of 266,510 shares of company stock valued at $42,930,049 in the last three months. Insiders own 43.11% of the company's stock.

Institutional Trading of Atlassian

Several large investors have recently made changes to their positions in the stock. American Trust boosted its stake in shares of Atlassian by 40.7% during the 3rd quarter. American Trust now owns 1,986 shares of the technology company's stock worth $418,000 after acquiring an additional 574 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Atlassian by 324.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 27,528 shares of the technology company's stock worth $5,797,000 after acquiring an additional 21,037 shares in the last quarter. IHT Wealth Management LLC boosted its stake in shares of Atlassian by 23.6% during the 3rd quarter. IHT Wealth Management LLC now owns 2,468 shares of the technology company's stock worth $520,000 after acquiring an additional 472 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in shares of Atlassian by 52.3% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,465 shares of the technology company's stock worth $520,000 after acquiring an additional 847 shares in the last quarter. Finally, Integrated Investment Consultants LLC boosted its stake in shares of Atlassian by 31.3% during the 3rd quarter. Integrated Investment Consultants LLC now owns 1,875 shares of the technology company's stock worth $394,000 after acquiring an additional 447 shares in the last quarter. Institutional investors own 45.50% of the company's stock.

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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