Atlassian (NASDAQ:TEAM) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a research report sent to investors on Monday.

TEAM has been the subject of a number of other research reports. BTIG Research lowered their price target on Atlassian from $220.00 to $140.00 and set a “buy” rating for the company in a research report on Friday, February 6th. KeyCorp reduced their price objective on Atlassian from $210.00 to $170.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Piper Sandler reaffirmed an “overweight” rating and set a $200.00 target price (down from $280.00) on shares of Atlassian in a report on Friday, February 6th. BNP Paribas Exane began coverage on Atlassian in a research report on Monday, March 16th. They issued an “outperform” rating and a $95.00 target price on the stock. Finally, Wells Fargo & Company cut their price target on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a report on Tuesday, March 17th. Twenty-two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $180.48.

Atlassian Trading Up 0.9%

Shares of Atlassian stock opened at $74.41 on Monday. The firm’s 50 day simple moving average is $94.82 and its two-hundred day simple moving average is $136.54. The firm has a market capitalization of $19.62 billion, a price-to-earnings ratio of -103.35 and a beta of 0.94. Atlassian has a 12-month low of $67.85 and a 12-month high of $242.00. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.12 by $0.10. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. Analysts predict that Atlassian will post -0.34 EPS for the current year.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the business’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $161.11, for a total value of $1,234,908.15. Following the completion of the transaction, the chief executive officer owned 429,240 shares of the company’s stock, valued at $69,154,856.40. The trade was a 1.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $154.20, for a total value of $1,181,943.00. Following the completion of the sale, the director owned 444,570 shares in the company, valued at $68,552,694. The trade was a 1.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 281,953 shares of company stock valued at $38,201,571 in the last quarter. Company insiders own 36.66% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in TEAM. MV Capital Management Inc. purchased a new stake in Atlassian during the fourth quarter worth $25,000. Physician Wealth Advisors Inc. increased its holdings in Atlassian by 60.4% in the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after buying an additional 61 shares in the last quarter. Atlantic Union Bankshares Corp increased its holdings in Atlassian by 19,900.0% in the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after buying an additional 199 shares in the last quarter. Board of the Pension Protection Fund acquired a new position in shares of Atlassian in the fourth quarter worth about $32,000. Finally, Basepoint Wealth LLC purchased a new stake in shares of Atlassian during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.