Atlassian (NASDAQ:TEAM) Raised to Buy at StockNews.com

Atlassian (NASDAQ:TEAM) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

A number of other research firms have also recently commented on TEAM. Citigroup cut their target price on Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. Mizuho cut their target price on Atlassian from $240.00 to $225.00 and set a “buy” rating on the stock in a research note on Friday, April 26th. Wells Fargo & Company increased their target price on Atlassian from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Canaccord Genuity Group cut their target price on Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, April 26th. Finally, Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $235.00 to $275.00 in a research note on Thursday, April 11th. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $223.22.

Atlassian Price Performance

Shares of Atlassian stock opened at $172.30 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04. The company has a market cap of $44.70 billion, a PE ratio of -273.49 and a beta of 0.63. The business has a 50 day moving average of $198.71 and a 200 day moving average of $206.41. Atlassian has a 52 week low of $128.02 and a 52 week high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. The company 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 15.54% and a negative net margin of 3.90%. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.40) earnings per share. As a group, equities research analysts forecast that Atlassian will post -0.42 earnings per share for the current year.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $209.45, for a total value of $1,726,077.45. Following the transaction, the chief executive officer now directly owns 296,676 shares of the company’s stock, valued at approximately $62,138,788.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $209.45, for a total value of $1,726,077.45. Following the transaction, the chief executive officer now directly owns 296,676 shares of the company’s stock, valued at approximately $62,138,788.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Rajeev Bashyam Rajan sold 872 shares of Atlassian stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $185,622.64. Following the sale, the chief technology officer now directly owns 142,103 shares in the company, valued at approximately $30,249,465.61. The disclosure for this sale can be found here. In the last three months, insiders have sold 300,450 shares of company stock worth $60,491,996. Insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Several institutional investors have recently added to or reduced their stakes in TEAM. Asset Management One Co. Ltd. grew its stake in shares of Atlassian by 4.2% during the third quarter. Asset Management One Co. Ltd. now owns 62,231 shares of the technology company’s stock worth $12,540,000 after purchasing an additional 2,486 shares in the last quarter. Ballentine Partners LLC grew its stake in shares of Atlassian by 7.0% during the third quarter. Ballentine Partners LLC now owns 1,341 shares of the technology company’s stock worth $270,000 after purchasing an additional 88 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Atlassian by 3.2% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 35,600 shares of the technology company’s stock worth $7,174,000 after purchasing an additional 1,100 shares in the last quarter. Kingswood Wealth Advisors LLC acquired a new position in shares of Atlassian during the third quarter worth $535,000. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Atlassian by 2.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 45,010 shares of the technology company’s stock worth $9,070,000 after purchasing an additional 1,168 shares in 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.