Atlassian (NASDAQ:TEAM) Upgraded by Piper Sandler to Overweight

Atlassian (NASDAQ:TEAM) was upgraded by analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a note issued to investors on Tuesday, Marketbeat reports. The brokerage currently has a $225.00 price objective on the technology company’s stock, up from their previous price objective of $200.00. Piper Sandler’s price target would indicate a potential upside of 26.23% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. Barclays upgraded Atlassian from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $235.00 to $275.00 in a report on Thursday, April 11th. Truist Financial lowered their price target on Atlassian from $220.00 to $200.00 and set a “hold” rating on the stock in a report on Friday, April 26th. TD Cowen lowered their price target on Atlassian from $220.00 to $210.00 and set a “hold” rating on the stock in a report on Friday, April 26th. Canaccord Genuity Group lowered their price target on Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, April 26th. Finally, Wells Fargo & Company lowered their target price on Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a report on Friday, June 21st. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $226.94.

Atlassian Stock Performance

Shares of TEAM stock opened at $178.25 on Tuesday. The company has a market cap of $46.40 billion, a price-to-earnings ratio of -282.94 and a beta of 0.74. The stock has a 50 day simple moving average of $171.93 and a 200-day simple moving average of $201.13. Atlassian has a 12-month low of $152.34 and a 12-month high of $258.69. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.82.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The company’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.40) EPS. On average, equities analysts forecast that Atlassian will post -0.21 EPS for the current year.

Insider Buying and Selling

In related news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $153.84, for a total value of $1,222,720.32. Following the transaction, the chief executive officer now directly owns 55,636 shares of the company’s stock, valued at approximately $8,559,042.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $153.84, for a total value of $1,222,720.32. Following the transaction, the chief executive officer now directly owns 55,636 shares of the company’s stock, valued at approximately $8,559,042.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Gene Liu sold 199 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $184.25, for a total value of $36,665.75. Following the completion of the transaction, the chief accounting officer now directly owns 45,666 shares in the company, valued at $8,413,960.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 280,147 shares of company stock valued at $50,166,202. 40.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TEAM. O Shaughnessy Asset Management LLC acquired a new position in shares of Atlassian during the third quarter worth about $701,000. Bank of Nova Scotia acquired a new position in shares of Atlassian in the third quarter worth about $347,000. Gotham Asset Management LLC lifted its stake in shares of Atlassian by 348.5% in the third quarter. Gotham Asset Management LLC now owns 11,836 shares of the technology company’s stock worth $2,385,000 after acquiring an additional 9,197 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Atlassian in the third quarter valued at about $672,000. Finally, Truist Financial Corp increased its holdings in Atlassian by 5.6% in the third quarter. Truist Financial Corp now owns 121,289 shares of the technology company’s stock valued at $24,441,000 after buying an additional 6,424 shares during the last quarter. Institutional investors and hedge funds own 93.03% 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.