Atlassian (NASDAQ:TEAM) Upgraded to Outperform at Raymond James

Raymond James upgraded shares of Atlassian (NASDAQ:TEAM) from a market perform rating to an outperform rating in a research report report published on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $200.00 price objective on the technology company’s stock.

A number of other equities research analysts have also commented on TEAM. Mizuho reduced their price target on Atlassian from $225.00 to $220.00 and set an outperform rating on the stock in a research report on Tuesday, July 16th. JMP Securities upgraded Atlassian to a hold rating in a research report on Friday, August 2nd. The Goldman Sachs Group upgraded Atlassian from a neutral rating to a buy rating and upped their price target for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. Scotiabank cut their target price on Atlassian from $210.00 to $175.00 and set a sector perform rating on the stock in a research report on Friday, August 2nd. Finally, Oppenheimer restated an outperform rating and set a $230.00 target price on shares of Atlassian in a research report on Monday, September 23rd. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $216.65.

Atlassian Price Performance

Shares of TEAM opened at $161.42 on Tuesday. Atlassian has a 12-month low of $135.29 and a 12-month high of $258.69. The business has a 50-day simple moving average of $159.98 and a two-hundred day simple moving average of $173.22. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The stock has a market cap of $41.97 billion, a PE ratio of -252.08 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the company posted ($0.21) EPS. The business’s revenue was up 20.5% on a year-over-year basis. Analysts anticipate that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other news, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at $18,838,038.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at $18,838,038.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $186.48, for a total value of $1,482,143.04. Following the sale, the chief executive officer now directly owns 476,880 shares of the company’s stock, valued at $88,928,582.40. The disclosure for this sale can be found here. Insiders sold a total of 224,263 shares of company stock valued at $37,255,440 over the last ninety days. 40.48% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

Institutional investors and hedge funds have recently modified their holdings of the business. Hollencrest Capital Management increased its position in shares of Atlassian by 383.9% during the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares during the last quarter. Asset Dedication LLC increased its position in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after acquiring an additional 108 shares during the last quarter. Trust Co. of Vermont grew its holdings in Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after purchasing an additional 174 shares during the period. Rothschild Investment LLC bought a new position in Atlassian during the second quarter valued at $36,000. Finally, Edmond DE Rothschild Holding S.A. bought a new position in Atlassian during the first quarter valued at $40,000. 93.03% of the stock is owned by hedge funds and other institutional investors.

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.