Atlassian (NASDAQ:TEAM) Hits New 1-Year High Following Analyst Upgrade

Atlassian Co. (NASDAQ:TEAM)’s stock price reached a new 52-week high on Friday after UBS Group raised their price target on the stock from $275.00 to $330.00. UBS Group currently has a neutral rating on the stock. Atlassian traded as high as $324.37 and last traded at $314.66, with a volume of 2005053 shares changing hands. The stock had previously closed at $266.95.

Other research analysts have also issued reports about the stock. Wells Fargo & Company increased their price objective on shares of Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Friday. Scotiabank raised their price target on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday. KeyCorp increased their price objective on shares of Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday. William Blair reissued an “outperform” rating on shares of Atlassian in a research report on Friday. Finally, Truist Financial reissued a “buy” rating and set a $350.00 price target (up previously from $300.00) on shares of Atlassian in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $307.00.

Insider Buying and Selling

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $219.07, for a total transaction of $1,741,168.36. Following the transaction, the director now owns 309,972 shares of the company’s stock, valued at $67,905,566.04. The trade was a 2.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 1,659 shares of Atlassian stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total value of $407,798.79. Following the transaction, the president now directly owns 213,511 shares in the company, valued at approximately $52,483,138.91. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 257,156 shares of company stock valued at $65,313,573. 38.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Institutional investors have recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in Atlassian by 3.1% in the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after purchasing an additional 47 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Atlassian by 22.9% in the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after purchasing an additional 54 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in Atlassian by 4.0% in the 4th quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock worth $357,000 after purchasing an additional 56 shares during the last quarter. J.W. Cole Advisors Inc. lifted its holdings in Atlassian by 1.5% in the 4th quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock worth $963,000 after purchasing an additional 59 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC lifted its holdings in Atlassian by 2.1% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after purchasing an additional 70 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Trading Up 14.9 %

The company has a fifty day moving average of $260.51 and a two-hundred day moving average of $208.06. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $79.89 billion, a price-to-earnings ratio of -201.83 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last posted its earnings results 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 return on equity of 23.35% and a negative net margin of 8.59%. On average, research analysts expect that Atlassian Co. will post -0.55 EPS for the current year.

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.