Atlassian (NASDAQ:TEAM) Raised to Buy at StockNews.com

Atlassian (NASDAQ:TEAM) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

Several other equities analysts have also weighed in on the company. Wells Fargo & Company increased their price objective on Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Canaccord Genuity Group increased their price target on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. KeyCorp boosted their price objective on Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Mizuho increased their target price on shares of Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday, January 31st. Finally, Barclays boosted their price target on shares of Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $318.43.

Atlassian Trading Up 1.7 %

Shares of Atlassian stock opened at $316.73 on Monday. The stock has a fifty day moving average price of $262.61 and a 200-day moving average price of $210.38. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market cap of $82.49 billion, a PE ratio of -236.36 and a beta of 0.87. Atlassian has a 1 year low of $135.29 and a 1 year high of $324.37.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 18.00% and a negative net margin of 7.22%. Equities research analysts anticipate that Atlassian will post -0.55 EPS for the current year.

Insiders Place Their Bets

In related news, President Anutthara Bharadwaj sold 1,659 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total value of $407,798.79. Following the completion of the transaction, the president now directly owns 213,511 shares in the company, valued at approximately $52,483,138.91. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Gene Liu sold 445 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $230.00, for a total value of $102,350.00. Following the sale, the chief accounting officer now owns 58,723 shares in the company, valued at $13,506,290. The trade was a 0.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 257,935 shares of company stock worth $66,966,954 in the last ninety days. 38.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently modified their holdings of TEAM. Thrivent Financial for Lutherans purchased a new position in shares of Atlassian during the second quarter worth approximately $677,000. Sanctuary Advisors LLC bought a new position in shares of Atlassian during the 2nd quarter valued at $1,022,000. Handelsbanken Fonder AB raised its position in Atlassian by 2.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 69,552 shares of the technology company’s stock worth $11,046,000 after purchasing an additional 1,760 shares during the period. GAMMA Investing LLC lifted its stake in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV boosted its position in Atlassian by 100.5% during the third quarter. Azzad Asset Management Inc. ADV now owns 3,451 shares of the technology company’s stock valued at $548,000 after buying an additional 1,730 shares during the period. 94.45% of the stock is currently owned by 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.