Atlassian (NASDAQ:TEAM) Rating Reiterated by Oppenheimer

Atlassian (NASDAQ:TEAM)‘s stock had its “outperform” rating reissued by research analysts at Oppenheimer in a research note issued to investors on Monday, Benzinga reports. They currently have a $230.00 price target on the technology company’s stock. Oppenheimer’s price target points to a potential upside of 41.31% from the company’s current price.

Several other research analysts also recently issued reports on the company. Robert W. Baird downgraded Atlassian from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $230.00 to $175.00 in a report on Friday, August 2nd. Wells Fargo & Company decreased their price target on Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a report on Friday, June 21st. Piper Sandler upgraded Atlassian from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $200.00 to $225.00 in a research report on Tuesday, July 2nd. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and upped their target price for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. Finally, StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $217.69.

Atlassian Price Performance

Shares of NASDAQ:TEAM traded down $0.32 during midday trading on Monday, reaching $162.76. The company’s stock had a trading volume of 129,636 shares, compared to its average volume of 1,778,512. The business’s fifty day simple moving average is $161.99 and its 200-day simple moving average is $175.23. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $258.69. The company has a market capitalization of $42.37 billion, a P/E ratio of -258.35 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the company posted ($0.21) EPS. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. As a group, equities research analysts expect that Atlassian will post -0.58 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $170.45, for a total transaction of $1,354,736.60. Following the completion of the sale, the chief executive officer now owns 15,896 shares of the company’s stock, valued at $2,709,473.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.00, for a total transaction of $133,000.00. Following the completion of the transaction, the president now owns 152,534 shares of the company’s stock, valued at approximately $26,693,450. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $170.45, for a total transaction of $1,354,736.60. Following the completion of the sale, the chief executive officer now owns 15,896 shares in the company, valued at $2,709,473.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 231,451 shares of company stock valued at $38,886,554. 40.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. First Trust Direct Indexing L.P. boosted its stake in shares of Atlassian by 1.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock worth $721,000 after buying an additional 55 shares during the last quarter. Park National Corp OH boosted its position in Atlassian by 4.0% during the first quarter. Park National Corp OH now owns 1,497 shares of the technology company’s stock valued at $292,000 after purchasing an additional 58 shares during the last quarter. Financial Advocates Investment Management grew its stake in Atlassian by 1.7% in the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock valued at $662,000 after purchasing an additional 62 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Atlassian by 1.4% during the 1st quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company’s stock worth $890,000 after purchasing an additional 65 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Atlassian by 6.8% during the 1st quarter. UMB Bank n.a. now owns 1,112 shares of the technology company’s stock worth $217,000 after purchasing an additional 71 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.