Atlassian (NASDAQ:TEAM) Given New $230.00 Price Target at UBS Group

Atlassian (NASDAQ:TEAM) had its price target decreased by equities research analysts at UBS Group from $330.00 to $230.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. UBS Group’s price target would suggest a potential upside of 8.67% from the stock’s previous close.

A number of other equities analysts also recently commented on TEAM. StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a report on Monday. Barclays increased their target price on shares of Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Jefferies Financial Group cut their price target on shares of Atlassian from $400.00 to $330.00 and set a “buy” rating on the stock in a report on Monday. Oppenheimer increased their price objective on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Finally, Macquarie boosted their target price on Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research note 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’s stock. According to data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $310.18.

Atlassian Stock Down 0.3 %

Shares of TEAM traded down $0.57 during mid-day trading on Tuesday, hitting $211.64. The company’s stock had a trading volume of 434,852 shares, compared to its average volume of 1,972,687. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The company’s 50-day moving average is $268.47 and its 200-day moving average is $239.44. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00. The firm has a market capitalization of $55.45 billion, a price-to-earnings ratio of -158.03 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) 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, equities research analysts forecast that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In other news, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was 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 directly owns 210,471 shares of the company’s stock, valued at $54,690,889.35. This represents a 0.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, February 10th. The shares were sold at an average price of $322.31, for a total transaction of $2,561,719.88. Following the completion of the sale, the chief executive officer now directly owns 270,232 shares in the company, valued at $87,098,475.92. This represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 263,033 shares of company stock worth $70,403,022 in the last three months. Company insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TEAM. Massachusetts Financial Services Co. MA acquired a new position in shares of Atlassian during the 4th quarter worth about $687,486,000. Voya Investment Management LLC lifted its position in shares of Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock valued at $528,693,000 after acquiring an additional 2,160,810 shares in the last quarter. JPMorgan Chase & Co. lifted its position 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 acquiring an additional 1,806,042 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after acquiring an additional 1,777,179 shares during the last quarter. Finally, Durable Capital Partners LP increased its position in shares of Atlassian by 499.7% during the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company’s stock worth $383,456,000 after purchasing an additional 1,312,820 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

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.