Atlassian (NASDAQ:TEAM) Upgraded by StockNews.com to Buy Rating

Atlassian (NASDAQ:TEAM) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

A number of other research analysts also recently issued reports on the company. KeyCorp boosted their price objective on Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday. Canaccord Genuity Group upped their target price on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Oppenheimer upped their price objective on Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a report on Friday. Truist Financial reissued a “buy” rating and issued a $350.00 target price (up from $300.00) on shares of Atlassian in a report on Friday. Finally, Jefferies Financial Group upped their price objective on Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Eight analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and an average target price of $318.43.

Atlassian Stock Up 1.5 %

TEAM traded up $4.62 on Monday, hitting $311.40. The company had a trading volume of 3,122,795 shares, compared to its average volume of 2,232,776. The firm has a market capitalization of $81.10 billion, a P/E ratio of -232.39 and a beta of 0.87. The stock has a fifty day simple moving average of $260.51 and a 200-day simple moving average of $208.44. Atlassian has a 52-week low of $135.29 and a 52-week high of $324.37. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

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 return on equity of 18.00% and a negative net margin of 7.22%. As a group, equities analysts expect that Atlassian will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction dated 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 owns 294,076 shares in the company, valued at $65,970,069.08. This trade represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Gene Liu sold 445 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $230.00, for a total value of $102,350.00. Following the transaction, the chief accounting officer now owns 58,723 shares in the company, valued at $13,506,290. The trade was a 0.75 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 257,935 shares of company stock valued at $66,276,511. Insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. raised its stake in shares of Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after buying an additional 78,454 shares during the last quarter. State Street Corp grew its stake in shares of Atlassian by 0.3% during the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after buying an additional 8,957 shares during the period. JPMorgan Chase & Co. increased its stake in Atlassian by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after acquiring an additional 131,621 shares during the last quarter. FMR LLC lifted its position in Atlassian by 7.4% during the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after buying an additional 150,237 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Atlassian by 2.8% during the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock worth $340,453,000 after purchasing an additional 57,911 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

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.