UBS Group Has Lowered Expectations for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target dropped by equities researchers at UBS Group from $330.00 to $230.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. UBS Group’s price objective points to a potential upside of 8.67% from the company’s current price.

A number of other research analysts have also recently commented on the company. Truist Financial decreased their price objective on Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Monday. JMP Securities reiterated a “market perform” rating on shares of Atlassian in a report on Friday, January 31st. Citigroup boosted their price objective on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. The Goldman Sachs Group lifted their price target on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Finally, Macquarie upped their price objective on shares of Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Ten research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $310.18.

Atlassian Price Performance

Shares of NASDAQ:TEAM traded down $0.57 during midday trading on Tuesday, hitting $211.64. The company had a trading volume of 434,852 shares, compared to its average volume of 1,972,687. The business’s 50-day simple moving average is $268.47 and its 200-day simple moving average is $239.44. The stock has a market cap of $55.45 billion, a price-to-earnings ratio of -158.03 and a beta of 0.91. 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 has a twelve month low of $135.29 and a twelve month high of $326.00.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, research analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $242.27, for a total value of $1,925,561.96. Following the transaction, the chief executive officer now owns 476,880 shares of the company’s stock, valued at approximately $115,533,717.60. The trade was a 1.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction on Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the transaction, the president now owns 210,471 shares in the company, valued at approximately $54,690,889.35. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 263,033 shares of company stock worth $70,403,022 over the last 90 days. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in shares of Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares during the period. State Street Corp increased its holdings in Atlassian by 0.3% during the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after acquiring an additional 8,957 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Atlassian during the fourth quarter worth about $687,486,000. Invesco Ltd. increased its stake in shares of Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after purchasing an additional 1,777,179 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Atlassian by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock worth $528,851,000 after purchasing an additional 27,899 shares during the last quarter. 94.45% of the stock is 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 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.