JMP Securities Reaffirms “Market Perform” Rating for Atlassian (NASDAQ:TEAM)

Atlassian (NASDAQ:TEAM)‘s stock had its “market perform” rating restated by research analysts at JMP Securities in a research report issued to clients and investors on Friday,Benzinga reports.

TEAM has been the topic of several other research reports. KeyCorp increased their price target on shares of Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday. Scotiabank increased their price target on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a report on Friday. Wells Fargo & Company increased their price target on shares of Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Friday. Oppenheimer increased their price target on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Truist Financial reaffirmed a “buy” rating and set a $350.00 price objective (up previously from $300.00) on shares of Atlassian in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $307.00.

Atlassian Stock Performance

TEAM opened at $306.78 on Friday. Atlassian has a 52-week low of $135.29 and a 52-week high of $324.37. 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 company has a market cap of $79.89 billion, a P/E ratio of -201.83 and a beta of 0.83. The firm’s 50-day moving average price is $260.51 and its 200-day moving average price is $208.24.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data 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 net margin of 8.59% and a negative return on equity of 23.35%. As a group, equities analysts anticipate that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 1,659 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total value of $407,798.79. Following the transaction, the president now owns 213,511 shares in the company, valued at approximately $52,483,138.91. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Gene Liu sold 445 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $230.00, for a total value of $102,350.00. Following the completion of the sale, the chief accounting officer now directly owns 58,723 shares of the company’s stock, 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. In the last 90 days, insiders have sold 257,156 shares of company stock worth $65,313,573. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently modified their holdings of TEAM. Point72 Asset Management L.P. increased its stake in shares of Atlassian by 760.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after acquiring an additional 617,566 shares during the last quarter. Two Sigma Advisers LP increased its stake in shares of Atlassian by 122.0% in the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after acquiring an additional 551,500 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Atlassian in the 3rd quarter worth $57,149,000. Parnassus Investments LLC increased its stake in shares of Atlassian by 322.9% in the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after acquiring an additional 245,286 shares during the last quarter. Finally, PointState Capital LP acquired a new stake in shares of Atlassian during the 3rd quarter worth about $30,566,000. 94.45% of the stock is owned by institutional investors and hedge funds.

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.