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

Atlassian (NASDAQ:TEAM) had its price target lowered by Morgan Stanley from $370.00 to $320.00 in a research note published on Wednesday, MarketBeat.com reports. Morgan Stanley currently has an overweight rating on the technology company’s stock.

Several other research firms have also recently commented on TEAM. Cantor Fitzgerald upgraded Atlassian from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Barclays increased their price objective on shares of Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Baird R W raised shares of Atlassian from a “hold” rating to a “strong-buy” rating in a report on Monday, April 14th. Citigroup upped their target price on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, BMO Capital Markets lowered their price objective on Atlassian from $360.00 to $295.00 and set an “outperform” rating for the company in a report on Thursday, April 10th. Six equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $297.73.

Atlassian Price Performance

Shares of TEAM stock opened at $202.75 on Wednesday. The firm has a fifty day simple moving average of $239.67 and a 200-day simple moving average of $242.17. The company has a market capitalization of $53.12 billion, a PE ratio of -151.30 and a beta of 1.07. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share 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%. Equities research analysts anticipate that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CAO Gene Liu sold 568 shares of Atlassian stock in a transaction on Friday, February 14th. The stock was sold at an average price of $312.08, for a total transaction of $177,261.44. Following the sale, the chief accounting officer now owns 52,142 shares of the company’s stock, valued at $16,272,475.36. The trade was a 1.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $265.33, for a total value of $2,108,842.84. Following the completion of the transaction, the chief executive officer now directly owns 365,608 shares of the company’s stock, valued at approximately $97,006,770.64. The trade was a 2.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 261,513 shares of company stock worth $67,123,959 in the last ninety days. 38.55% of the stock is owned by insiders.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Clean Yield Group increased its stake in shares of Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after acquiring an additional 93 shares during the period. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian during the 4th quarter valued at $27,000. Colonial Trust Co SC raised its stake in shares of Atlassian by 100.0% in 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 in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Atlassian in the fourth quarter valued at $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Atlassian during the fourth quarter valued at about $39,000. 94.45% of the stock is currently owned by 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.