Atlassian (NASDAQ:TEAM) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a research report sent to investors on Friday morning.

Other research analysts also recently issued research reports about the stock. Wells Fargo & Company lifted their target price on shares of Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Raymond James reiterated an “outperform” rating and issued a $330.00 price objective (up from $250.00) on shares of Atlassian in a research note on Friday, January 31st. Cantor Fitzgerald boosted their price objective on Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Piper Sandler raised their target price on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, JMP Securities reiterated a “market perform” rating on shares of Atlassian in a report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $319.71.

Atlassian Trading Down 4.2 %

TEAM opened at $285.99 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock has a 50-day moving average of $272.83 and a 200-day moving average of $221.70. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00.

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

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $322.31, for a total transaction of $2,561,719.88. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $275.00, for a total transaction of $825,000.00. Following the completion of the transaction, the director now owns 5,610 shares in the company, valued at approximately $1,542,750. This trade represents a 34.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 283,449 shares of company stock worth $77,580,151 in the last 90 days. 38.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in shares of Atlassian in the third quarter valued at $606,000. Sequoia Financial Advisors LLC increased its position in Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after acquiring an additional 520 shares in the last quarter. Fulton Bank N.A. acquired a new stake in Atlassian in the 4th quarter valued at about $447,000. Paloma Partners Management Co bought a new position in shares of Atlassian in the third quarter worth about $1,588,000. Finally, Impax Asset Management Group plc lifted its position in shares of Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after purchasing an additional 31,986 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

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.