Atlassian (NASDAQ:TEAM) Sets New 12-Month High Following Analyst Upgrade

Shares of Atlassian Co. (NASDAQ:TEAM) hit a new 52-week high on Friday after UBS Group raised their price target on the stock from $275.00 to $330.00. UBS Group currently has a neutral rating on the stock. Atlassian traded as high as $324.37 and last traded at $314.66, with a volume of 2005053 shares trading hands. The stock had previously closed at $266.95.

Other equities research analysts have also recently issued research reports about the company. Raymond James reissued an “outperform” rating and set a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research note on Friday. Citigroup increased their price objective on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, January 17th. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Truist Financial reiterated a “buy” rating and set a $350.00 price target (up previously from $300.00) on shares of Atlassian in a research note on Friday. Finally, William Blair reissued an “outperform” rating on shares of Atlassian in a report on Friday. Nine research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $307.00.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the completion of the sale, the director now owns 333,816 shares in the company, valued at approximately $90,340,624.08. The trade was a 2.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the transaction, the president now owns 210,471 shares in the company, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 257,156 shares of company stock valued at $65,313,573. 38.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

A number of large investors have recently added to or reduced their stakes in the company. Allworth Financial LP raised its position in shares of Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after acquiring an additional 47 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Atlassian by 22.9% in the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after buying an additional 54 shares during the last quarter. Venturi Wealth Management LLC grew its position in shares of Atlassian by 4.0% during the 4th quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock valued at $357,000 after buying an additional 56 shares during the last quarter. J.W. Cole Advisors Inc. raised its stake in Atlassian by 1.5% during the fourth quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock worth $963,000 after acquiring an additional 59 shares during the period. Finally, Legacy Wealth Asset Management LLC raised its stake in Atlassian by 2.1% during the third quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after acquiring an additional 70 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Trading Up 14.9 %

The stock has a market cap of $79.89 billion, a price-to-earnings ratio of -201.83 and a beta of 0.83. The firm’s 50 day moving average is $260.51 and its two-hundred day moving average is $208.24. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Equities analysts anticipate that Atlassian Co. will post -0.55 EPS for the current year.

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.