Atlassian (NASDAQ:TEAM) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a report published on Friday morning.

TEAM has been the subject of several other reports. William Blair reissued an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Truist Financial reiterated a “buy” rating and issued a $350.00 target price (up from $300.00) on shares of Atlassian in a report on Friday, January 31st. Robert W. Baird increased their price target on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Scotiabank lifted their price objective on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research note on Friday, January 31st. Finally, Canaccord Genuity Group boosted their target price on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Price Performance

Shares of TEAM opened at $285.99 on Friday. The business has a 50-day moving average of $272.98 and a 200-day moving average of $223.88. 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 company has a market capitalization of $74.93 billion, a price-to-earnings ratio of -213.42 and a beta of 0.87. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00.

Atlassian (NASDAQ:TEAM) last released its quarterly 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 return on equity of 17.37% and a negative net margin of 7.22%. As a group, equities research analysts anticipate that Atlassian will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $297.51, for a total transaction of $2,364,609.48. Following the completion of the sale, the chief executive officer now directly owns 214,596 shares of the company’s stock, valued at $63,844,455.96. This trade represents a 3.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $254.76, for a total transaction of $387,235.20. Following the sale, the president now owns 211,991 shares of the company’s stock, valued at approximately $54,006,827.16. The trade was a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,501 shares of company stock valued at $75,480,290 in the last three months. 38.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Baillie Gifford & Co. lifted its holdings in Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after purchasing an additional 78,454 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings 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 worth $1,042,737,000 after buying an additional 1,806,042 shares in the last quarter. State Street Corp boosted its position in shares of Atlassian by 0.3% in the third 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 during the period. Massachusetts Financial Services Co. MA purchased a new position in Atlassian during the fourth quarter valued at approximately $687,486,000. Finally, Invesco Ltd. lifted its stake in Atlassian by 265.9% in 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. 94.45% of the stock is 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.