Atlassian (NASDAQ:TEAM) Upgraded at BMO Capital Markets

BMO Capital Markets upgraded shares of Atlassian (NASDAQ:TEAM) from a market perform rating to an outperform rating in a research report report published on Friday morning, MarketBeat reports. BMO Capital Markets currently has $292.00 price target on the technology company’s stock, up from their prior price target of $255.00.

A number of other equities research analysts also recently weighed in on the company. UBS Group upped their target price on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Canaccord Genuity Group raised their target price on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Piper Sandler boosted their price target on shares of Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company upped their price target on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Macquarie began coverage on shares of Atlassian in a research note on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $266.10.

Atlassian Stock Performance

Atlassian stock opened at $242.39 on Friday. Atlassian has a 52 week low of $135.29 and a 52 week high of $287.97. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a market cap of $63.13 billion, a P/E ratio of -159.47 and a beta of 0.83. The stock has a 50 day moving average of $254.33 and a 200-day moving average of $199.79.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. Atlassian’s revenue for the quarter was up 21.5% compared to the same quarter last year. On average, analysts expect that Atlassian will post -0.54 EPS for the current fiscal year.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Wednesday, January 8th. The shares were 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 of the company’s stock, valued at $108,312,164.80. This represents a 1.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Gene Liu sold 1,024 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $225.45, for a total transaction of $230,860.80. Following the sale, the chief accounting officer now owns 59,168 shares of the company’s stock, valued at $13,339,425.60. This trade represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 255,532 shares of company stock valued at $60,838,451 in the last quarter. Company insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its position in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares in the last quarter. True Wealth Design LLC boosted its stake 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 valued at $37,000 after buying an additional 231 shares during the period. Reston Wealth Management LLC acquired a new stake in Atlassian during the third quarter worth approximately $48,000. Quarry LP increased its stake in Atlassian by 143.8% during the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after acquiring an additional 220 shares during the period. Finally, Brown Brothers Harriman & Co. raised its holdings in Atlassian by 23.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock valued at $69,000 after acquiring an additional 82 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

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.