Atlassian Corporation PLC (NASDAQ:TEAM) Stock Now Rated “Moderate Buy” by Sell-Side Brokerages

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) have received an average rating of “Moderate Buy” from the twenty-nine analysts that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and twenty-four have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $214.88.

Several equities research analysts have weighed in on the stock. Cantor Fitzgerald increased their price target on shares of Atlassian from $175.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, September 21st. Robert W. Baird lifted their price objective on Atlassian from $200.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, September 28th. Truist Financial increased their price target on shares of Atlassian from $185.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. BMO Capital Markets raised their target price on shares of Atlassian from $95.00 to $175.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Finally, Bank of America increased their price objective on shares of Atlassian from $175.00 to $210.00 and gave the company a “buy” rating in a research report on Monday, August 31st.

Atlassian Trading Up 0.3%

Shares of TEAM stock opened at $220.12 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. The business’s fifty day moving average is $194.29 and its 200 day moving average is $117.71. The company has a market capitalization of $55.72 billion, a PE ratio of -1,158.53, a price-to-earnings-growth ratio of 24.27 and a beta of 1.22. Atlassian has a 52-week low of $56.01 and a 52-week high of $229.96.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the business posted $0.98 earnings per share. Atlassian’s revenue for the quarter was up 27.6% on a year-over-year basis. On average, equities research analysts anticipate that Atlassian will post 0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, CAO Gene Liu sold 337 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $210.00, for a total transaction of $70,770.00. Following the completion of the transaction, the chief accounting officer owned 55,531 shares in the company, valued at $11,661,510. The trade was a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the transaction, the chief financial officer owned 279,218 shares of the company’s stock, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 22,475 shares of company stock worth $3,822,643 over the last three months. 37.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds have recently added to or reduced their stakes in the stock. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Atlassian by 69.4% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company’s stock worth $4,232,000 after buying an additional 25,400 shares in the last quarter. Arizona State Retirement System grew its position in Atlassian by 6.5% during the 2nd quarter. Arizona State Retirement System now owns 48,629 shares of the technology company’s stock worth $3,783,000 after purchasing an additional 2,969 shares during the last quarter. Fluent Financial LLC acquired a new position in Atlassian in the 2nd quarter worth approximately $2,239,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Atlassian in the 2nd quarter valued at $11,584,000. Finally, IFP Advisors Inc lifted its position in Atlassian by 76.0% during the second quarter. IFP Advisors Inc now owns 9,428 shares of the technology company’s stock valued at $733,000 after purchasing an additional 4,071 shares during the period. 94.45% of the stock is currently owned by institutional investors.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.