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

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

Several other brokerages have also issued reports on TEAM. JMP Securities reiterated a “market perform” rating on shares of Atlassian in a report on Friday, January 31st. UBS Group lifted their target price on Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Citigroup lifted their target price on Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Scotiabank lifted their target price on Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research report on Friday, January 31st. Finally, Cantor Fitzgerald lifted their price objective on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Trading Up 3.8 %

Shares of NASDAQ TEAM opened at $224.10 on Wednesday. The stock’s 50 day moving average price is $275.10 and its two-hundred day moving average price is $233.57. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00. The stock has a market capitalization of $58.71 billion, a P/E ratio of -167.24 and a beta of 0.91. 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 posted its earnings results 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 7.22% and a negative return on equity of 17.37%. On average, analysts anticipate that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $258.33, for a total transaction of $2,053,206.84. Following the completion of the transaction, the director now owns 63,584 shares of the company’s stock, valued at $16,425,654.72. This trade represents a 11.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction on Friday, December 20th. The stock was sold at an average price of $254.76, for a total transaction of $387,235.20. Following the transaction, the president now directly owns 211,991 shares of the company’s stock, valued at $54,006,827.16. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 272,501 shares of company stock worth $74,569,690. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of large investors have recently bought and sold shares of the stock. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian during the fourth quarter valued at about $27,000. Colonial Trust Co SC boosted its holdings 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 purchasing an additional 69 shares during the last quarter. Summit Securities Group LLC purchased a new position in Atlassian during the fourth quarter worth about $38,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Atlassian during the fourth quarter worth about $39,000. Finally, Avion Wealth boosted its holdings in Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.