Atlassian (NASDAQ:TEAM) Upgraded by Piper Sandler to Overweight

Atlassian (NASDAQ:TEAM) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage presently has a $225.00 price objective on the technology company’s stock, up from their previous price objective of $200.00. Piper Sandler’s price target would indicate a potential upside of 26.23% from the stock’s current price.

A number of other research analysts also recently issued reports on TEAM. KeyCorp assumed coverage on Atlassian in a research note on Tuesday, March 19th. They set a “sector weight” rating for the company. Wells Fargo & Company cut their price objective on Atlassian from $285.00 to $250.00 and set an “overweight” rating for the company in a research note on Friday, June 21st. Canaccord Genuity Group cut their price objective on Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, April 26th. Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $235.00 to $275.00 in a report on Thursday, April 11th. Finally, Citigroup lowered their price target on Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a report on Friday, April 12th. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $226.94.

Atlassian Trading Up 0.8 %

Atlassian stock opened at $178.25 on Tuesday. The business has a 50-day simple moving average of $171.93 and a two-hundred day simple moving average of $201.13. The company has a market cap of $46.40 billion, a P/E ratio of -282.94 and a beta of 0.74. Atlassian has a 52-week low of $152.34 and a 52-week high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 earnings per share (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 13.95% and a negative net margin of 3.90%. The firm’s revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.40) EPS. Analysts predict that Atlassian will post -0.21 EPS for the current year.

Insider Activity at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $207.36, for a total value of $1,708,853.76. Following the completion of the sale, the chief executive officer now directly owns 432,378 shares in the company, valued at $89,657,902.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $207.36, for a total value of $1,708,853.76. Following the completion of the transaction, the chief executive officer now directly owns 432,378 shares in the company, valued at $89,657,902.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Gene Liu sold 199 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $184.25, for a total value of $36,665.75. Following the completion of the transaction, the chief accounting officer now owns 45,666 shares of the company’s stock, valued at $8,413,960.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 280,147 shares of company stock worth $50,166,202. Company insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TEAM. O Shaughnessy Asset Management LLC purchased a new position in shares of Atlassian in the third quarter worth about $701,000. Bank of Nova Scotia acquired a new stake in Atlassian during the third quarter worth about $347,000. Gotham Asset Management LLC grew its holdings in Atlassian by 348.5% during the third quarter. Gotham Asset Management LLC now owns 11,836 shares of the technology company’s stock worth $2,385,000 after acquiring an additional 9,197 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in Atlassian during the third quarter worth about $672,000. Finally, Truist Financial Corp grew its holdings in Atlassian by 5.6% during the third quarter. Truist Financial Corp now owns 121,289 shares of the technology company’s stock worth $24,441,000 after acquiring an additional 6,424 shares during the period. 93.03% of the stock is currently 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.