Wells Fargo & Company Trims Atlassian (NASDAQ:TEAM) Target Price to $250.00

Atlassian (NASDAQ:TEAMFree Report) had its target price lowered by Wells Fargo & Company from $285.00 to $250.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

TEAM has been the subject of several other reports. Citigroup decreased their price objective on shares of Atlassian from $280.00 to $265.00 and set a buy rating for the company in a report on Friday, April 12th. TD Cowen cut their target price on shares of Atlassian from $220.00 to $210.00 and set a hold rating for the company in a research report on Friday, April 26th. KeyCorp began coverage on shares of Atlassian in a research report on Tuesday, March 19th. They set a sector weight rating for the company. Truist Financial cut their target price on shares of Atlassian from $220.00 to $200.00 and set a hold rating for the company in a research report on Friday, April 26th. Finally, Piper Sandler cut their target price on shares of Atlassian from $225.00 to $200.00 and set a neutral rating for the company in a research report on Friday, April 26th. Ten analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Atlassian currently has an average rating of Moderate Buy and a consensus price target of $221.28.

Check Out Our Latest Research Report on TEAM

Atlassian Stock Performance

NASDAQ:TEAM opened at $162.46 on Friday. The firm has a market cap of $42.29 billion, a PE ratio of -257.87 and a beta of 0.73. Atlassian has a fifty-two week low of $152.34 and a fifty-two week high of $258.69. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. The business has a 50 day moving average price of $174.51 and a 200-day moving average price of $202.44.

Atlassian (NASDAQ:TEAMGet Free Report) last released its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.27. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the company earned ($0.40) earnings per share. The firm’s quarterly revenue was up 29.9% on a year-over-year basis. Equities research analysts predict that Atlassian will post -0.21 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $153.84, for a total transaction of $1,222,720.32. Following the completion of the transaction, the chief executive officer now owns 55,636 shares in the company, valued at $8,559,042.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $153.84, for a total transaction of $1,222,720.32. Following the sale, the chief executive officer now owns 55,636 shares of the company’s stock, valued at $8,559,042.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $195.98, for a total transaction of $1,615,071.18. Following the sale, the chief executive officer now directly owns 490,065 shares in the company, valued at approximately $96,042,938.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 264,077 shares of company stock worth $47,942,289. 40.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Atlassian

A number of hedge funds have recently bought and sold shares of the business. Hollencrest Capital Management raised its stake in shares of Atlassian by 383.9% in the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Atlassian in the first quarter valued at $40,000. Crewe Advisors LLC purchased a new stake in shares of Atlassian in the first quarter valued at $43,000. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Atlassian by 271.0% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after acquiring an additional 271 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Atlassian by 255.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock valued at $96,000 after acquiring an additional 291 shares during the period. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Company Profile

(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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Analyst Recommendations for Atlassian (NASDAQ:TEAM)

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