Atlassian (NASDAQ:TEAM) Upgraded by StockNews.com to Buy Rating

Atlassian (NASDAQ:TEAM) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Friday.

A number of other equities research analysts have also commented on the company. Morgan Stanley upped their price target on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Robert W. Baird boosted their price objective on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Citigroup boosted their price objective on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Canaccord Genuity Group boosted their price objective on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Truist Financial reissued a “buy” rating and issued a $350.00 price objective (up from $300.00) on shares of Atlassian in a research note on Friday, January 31st. Eight investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Stock Performance

TEAM opened at $298.49 on Friday. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. The stock has a market cap of $78.20 billion, a price-to-earnings ratio of -222.75 and a beta of 0.87. The business has a 50 day moving average of $272.83 and a 200-day moving average of $221.70. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, equities research analysts expect that Atlassian will post -0.34 earnings per share for the current year.

Insider Activity at Atlassian

In other news, President Anutthara Bharadwaj sold 1,723 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total transaction of $526,962.32. Following the completion of the sale, the president now directly owns 199,934 shares of the company’s stock, valued at $61,147,814.56. This trade represents a 0.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $236.89, for a total value of $1,882,801.72. Following the completion of the sale, the chief executive officer now directly owns 421,244 shares of the company’s stock, valued at approximately $99,788,491.16. This trade represents a 1.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 275,501 shares of company stock worth $75,215,542 in the last three months. 38.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the business. Murphy & Mullick Capital Management Corp acquired a new stake in Atlassian during the fourth quarter worth about $27,000. Colonial Trust Co SC grew its position in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after buying an additional 69 shares in the last quarter. True Wealth Design LLC grew 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 worth $37,000 after buying an additional 231 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Atlassian during the fourth quarter worth about $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in Atlassian during the fourth quarter worth about $39,000. 94.45% of the stock is 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.