Atlassian (NASDAQ:TEAM) Upgraded to Overweight at Cantor Fitzgerald

Atlassian (NASDAQ:TEAM) was upgraded by equities research analysts at Cantor Fitzgerald from a “neutral” rating to an “overweight” rating in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm presently has a $272.00 price objective on the technology company’s stock, down from their previous price objective of $304.00. Cantor Fitzgerald’s target price points to a potential upside of 23.71% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Barclays upped their price objective on Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. JMP Securities reissued a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. William Blair reissued an “outperform” rating on shares of Atlassian in a research note on Friday, January 31st. The Goldman Sachs Group raised their price objective on shares of Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Finally, Morgan Stanley raised their target price on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $308.73.

Atlassian Stock Performance

NASDAQ:TEAM opened at $219.87 on Wednesday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The business’s 50-day moving average price is $267.68 and its two-hundred day moving average price is $239.81. The stock has a market cap of $57.60 billion, a P/E ratio of -162.94 and a beta of 1.07. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, equities analysts predict that Atlassian will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $209.73, for a total value of $1,666,934.04. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the sale, the president now directly owns 210,471 shares in the company, valued at approximately $54,690,889.35. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 270,981 shares of company stock worth $72,069,956. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Corebridge Financial Inc. increased its stake in shares of Atlassian by 0.3% during the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock valued at $2,555,000 after buying an additional 35 shares during the period. GeoWealth Management LLC increased its position in Atlassian by 26.8% during the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after purchasing an additional 38 shares during the period. Assetmark Inc. raised its holdings in shares of Atlassian by 30.6% in the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after purchasing an additional 41 shares in the last quarter. Allworth Financial LP boosted its stake in shares of 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 purchasing an additional 47 shares in the last quarter. Finally, True Wealth Design LLC increased its holdings in Atlassian by 21.6% during the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock valued at $69,000 after buying an additional 50 shares during the period. Institutional investors own 94.45% of the company’s stock.

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.