Atlassian (NASDAQ:TEAM) Stock Rating Upgraded by BMO Capital Markets

Atlassian (NASDAQ:TEAM) was upgraded by equities research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm currently has a $292.00 price target on the technology company’s stock, up from their prior price target of $255.00. BMO Capital Markets’ target price would indicate a potential upside of 20.47% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on TEAM. Raymond James lifted their price target on shares of Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Scotiabank lifted their price objective on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. Oppenheimer boosted their target price on Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Truist Financial upgraded Atlassian from a “hold” rating to a “buy” rating and raised their price target for the company from $250.00 to $300.00 in a research report on Tuesday, January 7th. Finally, Jefferies Financial Group boosted their price objective on shares of Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $266.10.

Atlassian Price Performance

Shares of TEAM opened at $242.39 on Friday. The firm has a market capitalization of $63.13 billion, a PE ratio of -159.47 and a beta of 0.83. The stock’s 50 day moving average is $254.33 and its two-hundred day moving average is $199.59. Atlassian has a twelve month low of $135.29 and a twelve month high of $287.97. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business’s revenue was up 21.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.07) EPS. Research analysts anticipate that Atlassian will post -0.54 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Gene Liu sold 1,024 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the sale, the chief accounting officer now directly owns 59,168 shares of the company’s stock, valued at $13,339,425.60. The trade was a 1.70 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $278.79, for a total value of $2,215,822.92. Following the completion of the transaction, the chief executive officer now directly owns 135,116 shares in the company, valued at $37,668,989.64. This trade represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 263,480 shares of company stock worth $62,377,979. 38.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors and hedge funds have recently added to or reduced their stakes in TEAM. GAMMA Investing LLC lifted its stake in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares in the last quarter. True Wealth Design LLC lifted its position in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares in the last quarter. Reston Wealth Management LLC purchased a new stake in Atlassian during the third quarter worth approximately $48,000. Quarry LP increased its position in shares of Atlassian by 143.8% in the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after acquiring an additional 220 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its stake in shares of Atlassian by 23.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock valued at $69,000 after acquiring an additional 82 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.