Morgan Stanley Cuts Atlassian (NASDAQ:TEAM) Price Target to $320.00

Atlassian (NASDAQ:TEAM) had its price target decreased by Morgan Stanley from $370.00 to $320.00 in a report issued on Wednesday, MarketBeat reports. The firm currently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price target would suggest a potential upside of 57.83% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Scotiabank upped their target price on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday, January 31st. Baird R W raised Atlassian from a “hold” rating to a “strong-buy” rating in a report on Monday. Piper Sandler boosted their target price on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. The Goldman Sachs Group raised their price target on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Finally, Oppenheimer boosted their price objective on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Six investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $297.73.

Atlassian Stock Performance

NASDAQ:TEAM opened at $202.75 on Wednesday. Atlassian has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market capitalization of $53.12 billion, a PE ratio of -151.30 and a beta of 1.07. The business’s fifty day moving average price is $241.92 and its 200 day moving average price is $241.88.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates 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, sell-side analysts anticipate that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Monday, April 7th. The stock was sold at an average price of $185.61, for a total value of $1,475,228.28. Following the completion of the transaction, the director now owns 333,816 shares in the company, valued at approximately $61,959,587.76. This represents a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Joseph Leo Binz sold 2,587 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $312.09, for a total transaction of $807,376.83. Following the transaction, the chief financial officer now directly owns 169,342 shares in the company, valued at approximately $52,849,944.78. This trade represents a 1.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 261,513 shares of company stock valued at $67,123,959. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Institutional investors have recently modified their holdings of the company. Clean Yield Group increased its stake in Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after purchasing an additional 93 shares in the last quarter. Murphy & Mullick Capital Management Corp purchased a new position in shares of Atlassian in the fourth quarter valued at $27,000. Colonial Trust Co SC raised its stake in shares of Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after buying an additional 69 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Atlassian in the 4th quarter worth about $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in Atlassian in the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.