Atlassian (NASDAQ:TEAM) Rating Increased to Buy at StockNews.com

Atlassian (NASDAQ:TEAM) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

TEAM has been the subject of a number of other research reports. TD Cowen reduced their price objective 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. UBS Group reduced their price objective on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. Mizuho reduced their price objective on shares of Atlassian from $240.00 to $225.00 and set a “buy” rating for the company in a research report on Friday, April 26th. Piper Sandler reduced their price objective 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. Finally, Canaccord Genuity Group reduced their price objective on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, April 26th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $223.22.

Atlassian Stock Down 2.7 %

Atlassian stock opened at $172.30 on Monday. Atlassian has a twelve month low of $128.02 and a twelve month high of $258.69. The stock’s fifty day simple moving average is $198.71 and its 200-day simple moving average is $206.41. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $44.70 billion, a P/E ratio of -273.49 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.62 by $0.27. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. Atlassian’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.40) earnings per share. As a group, equities analysts expect that Atlassian will post -0.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $209.45, for a total transaction of $1,726,077.45. Following the completion of the sale, the chief executive officer now directly owns 296,676 shares of the company’s stock, valued at approximately $62,138,788.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $209.45, for a total value of $1,726,077.45. Following the completion of the sale, the chief executive officer now directly owns 296,676 shares of the company’s stock, valued at approximately $62,138,788.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 4,139 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $881,068.93. Following the transaction, the president now directly owns 167,535 shares of the company’s stock, valued at $35,663,175.45. The disclosure for this sale can be found here. In the last three months, insiders sold 300,450 shares of company stock valued at $60,491,996. Company insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in TEAM. Baillie Gifford & Co. lifted its holdings in Atlassian by 20.7% during the 4th quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock valued at $2,094,980,000 after purchasing an additional 1,511,318 shares during the last quarter. Morgan Stanley raised its stake in shares of Atlassian by 156.8% in the third quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock worth $361,449,000 after acquiring an additional 1,095,297 shares during the last quarter. Norges Bank bought a new position in shares of Atlassian in the fourth quarter worth about $247,740,000. Vanguard Group Inc. raised its stake in shares of Atlassian by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock worth $3,652,495,000 after acquiring an additional 504,181 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Atlassian by 3.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,237,507 shares of the technology company’s stock worth $2,435,095,000 after acquiring an additional 326,673 shares during the last quarter. 93.03% of the stock is owned by 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.