Atlassian (NASDAQ:TEAM) Reaches New 12-Month High After Analyst Upgrade

Atlassian Co. (NASDAQ:TEAM)’s stock price hit a new 52-week high 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 trading hands. The stock had previously closed at $314.28.

A number of other equities analysts have also issued reports on the stock. Truist Financial restated a “buy” rating and set a $350.00 target price (up from $300.00) on shares of Atlassian in a research report on Friday, January 31st. Canaccord Genuity Group raised their target price on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. KeyCorp raised their target price on Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. UBS Group raised their target price on Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $319.71.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $236.89, for a total value of $1,882,801.72. Following the transaction, the chief executive officer now directly owns 421,244 shares of the company’s stock, valued at $99,788,491.16. This represents a 1.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Joseph Leo Binz sold 1,674 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total value of $411,485.94. Following the completion of the transaction, the chief financial officer now directly owns 171,929 shares in the company, valued at approximately $42,261,867.49. The trade was a 0.96 % 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 valued at $67,890,023 in the last three months. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several institutional investors and hedge funds have recently made changes to their positions in the company. 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 purchasing an additional 41 shares in the last quarter. Allworth Financial LP boosted its stake in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after buying an additional 47 shares in the last quarter. GAMMA Investing LLC boosted its stake in Atlassian by 22.9% during the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock valued at $71,000 after buying an additional 54 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in Atlassian by 4.0% during the fourth quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock valued at $357,000 after buying an additional 56 shares in the last quarter. Finally, J.W. Cole Advisors Inc. boosted its stake in Atlassian by 1.5% during the fourth quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock valued at $963,000 after buying an additional 59 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Price Performance

The company has a 50 day moving average of $265.92 and a two-hundred day moving average of $213.13. The firm has a market cap of $84.80 billion, a P/E ratio of -241.86 and a beta of 0.87. The company has a quick ratio of 1.18, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Sell-side analysts expect that Atlassian Co. will post -0.34 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.