Atlassian (NASDAQ:TEAM) Reaches New 52-Week High on Analyst Upgrade

Shares of Atlassian Co. (NASDAQ:TEAM) reached a new 52-week high during trading on Monday after Macquarie raised their price target on the stock from $290.00 to $317.00. Macquarie currently has a neutral rating on the stock. Atlassian traded as high as $324.58 and last traded at $323.67, with a volume of 795442 shares traded. The stock had previously closed at $314.28.

Several other equities research analysts also recently commented on the stock. Piper Sandler lifted their price objective on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. The Goldman Sachs Group boosted their price target on Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Cantor Fitzgerald raised their price objective on Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Canaccord Genuity Group upped their target price on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, UBS Group increased their price target on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Eight investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $319.71.

Insider Activity

In other news, President Anutthara Bharadwaj sold 1,659 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total transaction of $407,798.79. Following the transaction, the president now directly owns 213,511 shares in the company, valued at $52,483,138.91. The trade was a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $239.19, for a total value of $1,901,082.12. Following the completion of the sale, the chief executive officer now owns 230,492 shares of the company’s stock, valued at $55,131,381.48. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 256,705 shares of company stock worth $67,890,023 over the last 90 days. 38.55% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

Several large investors have recently added to or reduced their stakes in TEAM. Point72 Asset Management L.P. increased its holdings in shares of Atlassian by 760.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after buying an additional 617,566 shares during the last quarter. Two Sigma Advisers LP raised its position 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 purchasing an additional 551,500 shares during the period. Westfield Capital Management Co. LP acquired a new position in shares of Atlassian in the 3rd quarter valued at $57,149,000. Parnassus Investments LLC lifted its stake in shares of Atlassian by 322.9% in the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after purchasing an additional 245,286 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Atlassian by 12,047.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company’s stock worth $55,521,000 after purchasing an additional 226,246 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Stock Performance

The firm’s fifty day moving average is $265.92 and its 200-day moving average is $213.45. The company has a current ratio of 1.24, a quick ratio of 1.18 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $84.61 billion, a PE ratio of -241.00 and a beta of 0.87.

Atlassian (NASDAQ:TEAM) last released its quarterly 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 net margin of 7.22% and a negative return on equity of 17.37%. As a group, research analysts anticipate that Atlassian Co. will post -0.34 earnings per share 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.