Brokerages Set Atlassian Co. (NASDAQ:TEAM) PT at $285.29

Shares of Atlassian Co. (NASDAQ:TEAM) have been assigned an average rating of “Moderate Buy” from the twenty-four analysts that are currently covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation, nineteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $282.19.

Several analysts recently weighed in on the company. Mizuho dropped their price target on Atlassian from $325.00 to $290.00 and set an “outperform” rating for the company in a report on Thursday. Truist Financial dropped their price objective on Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a report on Monday, March 31st. Cantor Fitzgerald raised Atlassian from a “neutral” rating to an “overweight” rating and lowered their price target for the stock from $304.00 to $272.00 in a report on Wednesday, April 2nd. Jefferies Financial Group lowered their price target on Atlassian from $330.00 to $262.00 and set a “buy” rating for the company in a report on Monday, April 7th. Finally, Canaccord Genuity Group reduced their price objective on Atlassian from $300.00 to $255.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd.

Atlassian Trading Down 1.3%

NASDAQ TEAM opened at $196.82 on Wednesday. The stock has a 50-day simple moving average of $210.45 and a 200 day simple moving average of $243.37. The company has a market capitalization of $51.67 billion, a PE ratio of -146.88 and a beta of 0.96. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian has a 12 month low of $135.29 and a 12 month high of $326.00.

Atlassian (NASDAQ:TEAM) last posted 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 business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Atlassian’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the company earned $0.89 earnings per share. Research analysts forecast that Atlassian will post -0.34 EPS for the current year.

Insider Activity

In related news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $234.38, for a total value of $1,862,852.24. Following the transaction, the director now directly owns 39,740 shares of the company’s stock, valued at $9,314,261.20. This represents a 16.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Gene Liu sold 121 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $214.88, for a total value of $26,000.48. Following the sale, the chief accounting officer now directly owns 51,360 shares in the company, valued at $11,036,236.80. This represents a 0.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 351,759 shares of company stock valued at $74,833,479. Corporate insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Atlassian by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company’s stock worth $3,606,198,000 after purchasing an additional 580,583 shares in the last quarter. Baillie Gifford & Co. raised its position in Atlassian by 7.1% in the first quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company’s stock valued at $1,845,114,000 after purchasing an additional 573,696 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Atlassian by 21.8% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company’s stock worth $730,175,000 after purchasing an additional 616,071 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after purchasing an additional 1,777,179 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

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.