Cantor Fitzgerald Upgrades Atlassian (NASDAQ:TEAM) to Overweight

Cantor Fitzgerald upgraded shares of Atlassian (NASDAQ:TEAM) from a neutral rating to an overweight rating in a research report sent to investors on Wednesday morning, Marketbeat.com reports. They currently have $272.00 price objective on the technology company’s stock, down from their previous price objective of $304.00.

A number of other equities analysts have also recently weighed in on the stock. Oppenheimer upped their price target on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Macquarie increased their target price on shares of Atlassian from $290.00 to $317.00 and gave the company a “neutral” rating in a report on Friday, February 7th. The Goldman Sachs Group boosted their price target on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Citigroup raised their price objective on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, UBS Group reduced their price objective on Atlassian from $330.00 to $230.00 and set a “neutral” rating for the company in a report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $308.73.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $223.96 on Wednesday. Atlassian has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a 50-day moving average price of $266.94 and a 200 day moving average price of $239.70. The company has a market cap of $58.68 billion, a P/E ratio of -167.13 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Research analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, March 31st. The stock was sold at an average price of $209.73, for a total value of $1,666,934.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the sale, the president now owns 210,471 shares of the company’s stock, valued at $54,690,889.35. This represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 263,033 shares of company stock valued at $70,144,394. 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. Murphy & Mullick Capital Management Corp purchased a new position in Atlassian in the fourth quarter valued at approximately $27,000. Colonial Trust Co SC raised its stake in shares of Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after acquiring an additional 69 shares during the period. Summit Securities Group LLC acquired a new position in shares of Atlassian during the 4th quarter valued at $38,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in Atlassian during the 4th quarter worth $39,000. Finally, Avion Wealth increased its holdings in Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after purchasing an additional 157 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.