Atlassian’s (TEAM) Market Perform Rating Reiterated at JMP Securities

JMP Securities restated their market perform rating on shares of Atlassian (NASDAQ:TEAM) in a research report sent to investors on Friday morning,Benzinga reports.

Other equities analysts have also recently issued research reports about the company. William Blair reiterated an “outperform” rating on shares of Atlassian in a report on Friday. Truist Financial restated a “buy” rating and issued a $350.00 price objective (up previously from $300.00) on shares of Atlassian in a report on Friday. Robert W. Baird raised their price objective on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Canaccord Genuity Group raised their price objective on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $255.00 to $292.00 in a report on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $307.00.

Atlassian Price Performance

TEAM stock opened at $306.78 on Friday. The stock has a 50-day moving average price of $260.51 and a two-hundred day moving average price of $208.44. The stock has a market cap of $79.90 billion, a PE ratio of -201.83 and a beta of 0.83. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a 1 year low of $135.29 and a 1 year high of $324.37.

Atlassian (NASDAQ:TEAM) last released its earnings results 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 23.35% and a negative net margin of 8.59%. Equities analysts forecast that Atlassian will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $224.33, for a total value of $1,782,974.84. Following the completion of the sale, the chief executive officer now directly owns 294,076 shares in the company, valued at approximately $65,970,069.08. The trade was a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Gene Liu sold 165 shares of Atlassian stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total transaction of $40,563.60. Following the completion of the sale, the chief accounting officer now owns 56,423 shares of the company’s stock, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,208 shares of company stock worth $63,572,404 over the last three months. Insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in TEAM. Point72 Asset Management L.P. raised its position in shares of Atlassian by 760.5% in the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock valued at $110,972,000 after buying an additional 617,566 shares in the last quarter. Two Sigma Advisers LP increased its stake in Atlassian by 122.0% in the third quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after acquiring an additional 551,500 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in Atlassian in the third quarter valued at approximately $57,149,000. Parnassus Investments LLC increased its stake in Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after acquiring an additional 245,286 shares during the last quarter. Finally, PointState Capital LP bought a new position in Atlassian in the third quarter valued at approximately $30,566,000. 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.