Atlassian (NASDAQ:TEAM) Given “Outperform” Rating at Raymond James

Raymond James reiterated their outperform rating on shares of Atlassian (NASDAQ:TEAM) in a report issued on Friday morning,Benzinga reports. They currently have a $300.00 target price on the technology company’s stock, down from their previous target price of $330.00.

Other equities analysts have also issued reports about the stock. Cantor Fitzgerald raised shares of Atlassian from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $304.00 to $272.00 in a report on Wednesday, April 2nd. The Goldman Sachs Group boosted their price target on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Jefferies Financial Group dropped their price objective on Atlassian from $330.00 to $262.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. UBS Group reduced their target price on shares of Atlassian from $330.00 to $230.00 and set a “neutral” rating for the company in a report on Tuesday, April 1st. Finally, BMO Capital Markets lowered their price target on shares of Atlassian from $295.00 to $245.00 and set an “outperform” rating on the stock in a report on Friday. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $289.57.

Atlassian Trading Down 9.0 %

TEAM opened at $208.48 on Friday. 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 stock’s fifty day moving average is $222.61 and its two-hundred day moving average is $245.06. The company has a market capitalization of $54.62 billion, a P/E ratio of -155.58 and a beta of 1.06. Atlassian has a 52 week low of $135.29 and a 52 week high of $326.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the company posted $0.89 earnings per share. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. Analysts forecast that Atlassian will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $225.64, for a total transaction of $1,793,386.72. Following the completion of the sale, the chief executive officer now directly owns 206,648 shares in the company, valued at approximately $46,628,054.72. The trade was a 3.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 1,723 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total transaction of $526,962.32. Following the completion of the sale, the president now directly owns 199,934 shares in the company, valued at $61,147,814.56. This trade represents a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 260,734 shares of company stock valued at $64,629,600 over the last quarter. 38.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently modified their holdings of TEAM. Massachusetts Financial Services Co. MA purchased a new position in Atlassian during the fourth quarter valued at approximately $687,486,000. Voya Investment Management LLC increased its holdings in shares of Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock valued at $528,693,000 after purchasing an additional 2,160,810 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after buying an additional 1,806,042 shares in the last quarter. Invesco Ltd. grew its position in Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after buying an additional 1,777,179 shares during the period. Finally, Durable Capital Partners LP increased its holdings in Atlassian by 499.7% in the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company’s stock valued at $383,456,000 after buying an additional 1,312,820 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.