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

Atlassian (NASDAQ:TEAM) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

TEAM has been the topic of a number of other reports. Morgan Stanley lifted their price objective on Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Robert W. Baird lifted their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. UBS Group upped their price objective on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Piper Sandler lifted their target price on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, The Goldman Sachs Group increased their price target on shares of Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $318.43.

Atlassian Stock Up 1.7 %

Shares of NASDAQ TEAM opened at $316.73 on Monday. The company has a market cap of $82.49 billion, a price-to-earnings ratio of -236.36 and a beta of 0.87. 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 firm’s fifty day moving average is $262.61 and its 200 day moving average is $210.38. Atlassian has a 52 week low of $135.29 and a 52 week high of $324.37.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data 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 net margin of 7.22% and a negative return on equity of 18.00%. On average, equities research analysts expect that Atlassian will post -0.55 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $311.20, for a total value of $2,473,417.60. Following the completion of the transaction, the chief executive officer now owns 309,972 shares in the company, valued at $96,463,286.40. The trade was a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Gene Liu sold 445 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $230.00, for a total value of $102,350.00. Following the sale, the chief accounting officer now directly owns 58,723 shares in the company, valued at $13,506,290. This trade represents a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 257,935 shares of company stock worth $66,966,954 in the last quarter. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several hedge funds and other institutional investors have recently bought and sold shares of TEAM. Baillie Gifford & Co. raised its holdings in shares of Atlassian by 0.9% during the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after purchasing an additional 78,454 shares during the last quarter. State Street Corp grew its position in Atlassian by 0.3% in the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after purchasing an additional 8,957 shares during the period. JPMorgan Chase & Co. raised its stake in Atlassian by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock valued at $393,588,000 after buying an additional 131,621 shares during the last quarter. FMR LLC lifted its holdings in shares of Atlassian by 7.4% during the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after buying an additional 150,237 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Atlassian by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock worth $340,453,000 after buying an additional 57,911 shares during 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.