Atlassian (NASDAQ:TEAM) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

A number of other research analysts have also commented on the stock. Baird R W raised shares of Atlassian from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 14th. Barclays cut their target price on Atlassian from $350.00 to $260.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. Scotiabank increased their target price on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research report on Friday, January 31st. BMO Capital Markets cut their price target on shares of Atlassian from $295.00 to $245.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Finally, Stephens decreased their price objective on shares of Atlassian from $255.00 to $221.00 and set an “equal weight” rating on the stock in a research note on Friday, May 2nd. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $285.29.

Atlassian Trading Up 1.2%

NASDAQ:TEAM opened at $206.31 on Friday. The stock’s 50-day moving average is $211.17 and its two-hundred day moving average is $246.12. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market cap of $54.16 billion, a PE ratio of -153.96 and a beta of 1.06. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Atlassian’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.89 earnings per share. As a group, equities research analysts forecast that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $259.69, for a total transaction of $2,064,016.12. Following the completion of the sale, the chief executive officer now directly owns 135,116 shares of the company’s stock, valued at approximately $35,088,274.04. This represents a 5.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 7,674 shares of Atlassian stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the completion of the transaction, the president now directly owns 192,260 shares in the company, valued at approximately $43,356,552.60. The trade was a 3.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 310,899 shares of company stock valued at $66,859,457 over the last three months. 38.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently added to or reduced their stakes in the company. Clean Yield Group raised its position in Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after buying an additional 93 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Atlassian in the fourth quarter valued at approximately $27,000. Colonial Trust Co SC lifted its position in shares of Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after purchasing an additional 69 shares in the last quarter. Smithfield Trust Co lifted its position in shares of Atlassian by 90.7% in the first quarter. Smithfield Trust Co now owns 164 shares of the technology company’s stock worth $34,000 after purchasing an additional 78 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in Atlassian during the fourth quarter worth $38,000. Institutional investors own 94.45% 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.