Atlassian (NASDAQ:TEAM) Rating Increased to Strong-Buy at Baird R W

Baird R W upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a strong-buy rating in a report issued on Monday,Zacks.com reports.

A number of other brokerages also recently commented on TEAM. Cantor Fitzgerald raised shares of Atlassian from a “neutral” rating to an “overweight” rating and lowered their price target for the company from $304.00 to $272.00 in a report on Wednesday, April 2nd. UBS Group dropped their target price on Atlassian from $330.00 to $230.00 and set a “neutral” rating for the company in a report on Tuesday, April 1st. Scotiabank increased their price target on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday, January 31st. William Blair restated an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Finally, Piper Sandler boosted their price objective on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Six investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $297.73.

Atlassian Stock Performance

NASDAQ:TEAM opened at $205.31 on Monday. The company has a market cap of $53.79 billion, a price-to-earnings ratio of -153.22 and a beta of 1.07. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00. The stock’s 50 day simple moving average is $244.32 and its two-hundred day simple moving average is $241.58. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

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

Insider Buying and Selling at Atlassian

In related news, CAO Gene Liu sold 779 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $320.01, for a total transaction of $249,287.79. Following the sale, the chief accounting officer now owns 52,710 shares of the company’s stock, valued at $16,867,727.10. This trade represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $322.31, for a total value of $2,561,719.88. Following the completion of the transaction, the chief executive officer now owns 270,232 shares in the company, valued at $87,098,475.92. This trade represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 263,033 shares of company stock valued at $67,893,043. Company insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of institutional investors have recently modified their holdings of TEAM. Massachusetts Financial Services Co. MA purchased a new stake in Atlassian during the fourth quarter valued at approximately $687,486,000. Voya Investment Management LLC lifted its holdings in shares of Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock valued at $528,693,000 after purchasing an additional 2,160,810 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. Invesco Ltd. grew its stake in Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after buying an additional 1,777,179 shares during the last quarter. Finally, Durable Capital Partners LP increased its position in Atlassian by 499.7% during the 4th quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company’s stock valued at $383,456,000 after buying an additional 1,312,820 shares in the last quarter. 94.45% of the stock is currently 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.