Wells Fargo & Company Has Lowered Expectations for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its target price trimmed by Wells Fargo & Company from $330.00 to $315.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

A number of other equities analysts also recently weighed in on TEAM. StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Monday, March 31st. KeyCorp reduced their price objective on Atlassian from $365.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Canaccord Genuity Group lowered their target price on Atlassian from $300.00 to $255.00 and set a “buy” rating for the company in a research note on Friday. Morgan Stanley decreased their price target on Atlassian from $370.00 to $320.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, Scotiabank boosted their price objective on Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a report on Friday, January 31st. Five research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $289.57.

Atlassian Stock Down 9.0 %

Shares of TEAM opened at $208.48 on Friday. The company has a market capitalization of $54.62 billion, a P/E ratio of -155.58 and a beta of 1.06. Atlassian has a one year low of $135.29 and a one year high of $326.00. The business’s 50 day simple moving average is $222.61 and its 200-day simple moving average is $245.06. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the firm earned $0.89 earnings per share. The business’s revenue was up 14.1% on a year-over-year basis. As a group, sell-side analysts predict that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $312.58, for a total transaction of $475,121.60. Following the completion of the transaction, the president now directly owns 201,657 shares in the company, valued at approximately $63,033,945.06. This trade represents a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Gene Liu sold 568 shares of Atlassian stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.08, for a total value of $177,261.44. Following the completion of the sale, the chief accounting officer now directly owns 52,142 shares in the company, valued at approximately $16,272,475.36. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 260,734 shares of company stock worth $64,629,600. 38.55% of the stock is owned by company insiders.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC acquired a new stake in Atlassian in the 3rd quarter valued at $606,000. Fulton Bank N.A. acquired a new stake in shares of Atlassian in the fourth quarter valued at about $447,000. Allworth Financial LP raised its holdings in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after acquiring an additional 47 shares in the last quarter. Nordea Investment Management AB boosted its position in Atlassian by 20.1% during the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company’s stock valued at $7,458,000 after purchasing an additional 5,088 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Atlassian by 61.4% in the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock valued at $1,710,000 after purchasing an additional 4,099 shares in the last quarter. 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.