Atlassian (NASDAQ:TEAM) Upgraded to “Outperform” at BMO Capital Markets

Atlassian (NASDAQ:TEAM) was upgraded by research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research note issued on Friday, MarketBeat.com reports. The firm presently has a $292.00 price objective on the technology company’s stock, up from their previous price objective of $255.00. BMO Capital Markets’ target price would indicate a potential upside of 19.43% from the company’s previous close.

A number of other brokerages have also issued reports on TEAM. Mizuho boosted their price target on shares of Atlassian from $240.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Scotiabank boosted their target price on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research report on Friday, November 1st. Raymond James increased their target price on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Morgan Stanley lifted their price target on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Finally, Wells Fargo & Company increased their price objective on Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $266.10.

Atlassian Stock Performance

Shares of TEAM stock opened at $244.49 on Friday. Atlassian has a 52-week low of $135.29 and a 52-week high of $287.97. The stock’s 50-day moving average price is $253.97 and its 200 day moving average price is $198.83. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $63.67 billion, a PE ratio of -160.85 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the business earned ($0.07) earnings per share. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. As a group, equities research analysts forecast that Atlassian will post -0.54 EPS for the current year.

Insiders Place Their Bets

In other Atlassian news, CAO Gene Liu sold 1,024 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $230,860.80. Following the completion of the transaction, the chief accounting officer now directly owns 59,168 shares in the company, valued at approximately $13,339,425.60. The trade was a 1.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $243.35, for a total value of $1,934,145.80. Following the transaction, the chief executive officer now directly owns 445,088 shares in the company, valued at approximately $108,312,164.80. This represents a 1.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 263,480 shares of company stock valued at $62,377,979. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its holdings in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after buying an additional 96 shares during the period. True Wealth Design LLC boosted its position in shares of Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares during the last quarter. Reston Wealth Management LLC purchased a new stake in Atlassian in the third quarter valued at approximately $48,000. Quarry LP increased its position in Atlassian by 143.8% during the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its stake in Atlassian by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after purchasing an additional 82 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.