Atlassian’s (TEAM) “Outperform” Rating Reiterated at Raymond James

Raymond James reissued their outperform rating on shares of Atlassian (NASDAQ:TEAM) in a report published on Friday morning,Benzinga reports. The brokerage currently has a $330.00 price objective on the technology company’s stock, up from their prior price objective of $250.00.

Several other equities analysts have also commented on the stock. Wells Fargo & Company increased their price objective on shares of Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research report on Friday. Macquarie started coverage on shares of Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective for the company. Truist Financial reiterated a “buy” rating and issued a $350.00 price target (up previously from $300.00) on shares of Atlassian in a report on Friday. Robert W. Baird upped their price objective on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Finally, BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $255.00 to $292.00 in a report on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $307.00.

Atlassian Stock Performance

TEAM stock opened at $306.78 on Friday. The firm has a market cap of $79.90 billion, a price-to-earnings ratio of -201.83 and a beta of 0.83. The firm has a 50-day simple moving average of $260.51 and a two-hundred day simple moving average of $208.44. Atlassian has a one year low of $135.29 and a one year high of $324.37. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. On average, equities analysts forecast that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Activity

In related news, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the transaction, the president now directly owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This trade represents a 0.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the completion of the transaction, the director now directly owns 333,816 shares in the company, valued at $90,340,624.08. This represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 249,208 shares of company stock worth $63,572,404 in the last ninety days. Company 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. GAMMA Investing LLC lifted its stake in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares in the last quarter. True Wealth Design LLC lifted its stake in Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares in the last quarter. Avion Wealth lifted its stake in Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares in the last quarter. Reston Wealth Management LLC purchased a new position in Atlassian in the 3rd quarter worth approximately $48,000. Finally, Kestra Investment Management LLC purchased a new position in Atlassian in the 4th quarter worth approximately $56,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Company Profile

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.