Stephens Initiates Coverage on Atlassian (NASDAQ:TEAM)

Stock analysts at Stephens started coverage on shares of Atlassian (NASDAQ:TEAM) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage set an “equal weight” rating and a $255.00 price target on the technology company’s stock. Stephens’ price objective indicates a potential upside of 12.75% from the company’s previous close.

Several other equities research analysts have also issued reports on TEAM. Jefferies Financial Group increased their target price on shares of Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Canaccord Genuity Group increased their target price on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Cantor Fitzgerald raised their price target on shares of Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Citigroup raised their price target on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Barclays raised their price target on shares of Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Nine analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $316.77.

Atlassian Trading Down 1.6 %

TEAM stock opened at $226.16 on Wednesday. The company’s 50-day simple moving average is $271.54 and its 200-day simple moving average is $235.36. 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 has a 52-week low of $135.29 and a 52-week high of $326.00. The firm has a market cap of $59.25 billion, a P/E ratio of -168.77 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, equities analysts forecast that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $253.01, for a total value of $2,010,923.48. Following the completion of the sale, the director now owns 389,452 shares in the company, valued at approximately $98,535,250.52. This trade represents a 2.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares of the company’s stock, valued at $54,690,889.35. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 255,085 shares of company stock worth $69,211,537 in the last 90 days. Insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Institutional investors have recently added to or reduced their stakes in the stock. Corebridge Financial Inc. grew its stake in shares of Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after acquiring an additional 35 shares in the last quarter. GeoWealth Management LLC grew its stake in shares of Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock worth $44,000 after acquiring an additional 38 shares in the last quarter. Assetmark Inc. grew its stake in shares of Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after acquiring an additional 41 shares in the last quarter. Allworth Financial LP grew its stake in shares of Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after acquiring an additional 47 shares in the last quarter. Finally, True Wealth Design LLC grew its stake in shares of Atlassian by 21.6% in the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock worth $69,000 after acquiring an additional 50 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.