Atlassian (NASDAQ:TEAM) Earns “Overweight” Rating from Piper Sandler

Atlassian (NASDAQ:TEAM)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Piper Sandler in a report released on Friday,Benzinga reports. They presently have a $300.00 price objective on the technology company’s stock, down from their prior price objective of $365.00. Piper Sandler’s price target points to a potential upside of 43.90% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Truist Financial cut their price objective on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Mizuho raised their price target on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a report on Friday, January 31st. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a report on Friday, January 31st. KeyCorp dropped their price objective on Atlassian from $365.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Finally, Morgan Stanley decreased their target price on Atlassian from $370.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $289.57.

Atlassian Stock Down 9.0 %

Shares of NASDAQ TEAM opened at $208.48 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The company has a 50-day moving average price of $222.61 and a 200-day moving average price of $245.45. The stock has a market capitalization of $54.62 billion, a P/E ratio of -155.58 and a beta of 1.06. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter last year, the firm earned $0.89 EPS. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, equities research analysts forecast that Atlassian will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Gene Liu sold 568 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $312.08, for a total value of $177,261.44. Following the completion of the transaction, the chief accounting officer now owns 52,142 shares in the company, valued at $16,272,475.36. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $318.91, for a total value of $2,534,696.68. Following the completion of the sale, the chief executive officer now directly owns 294,076 shares in the company, valued at approximately $93,783,777.16. The trade was a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 260,734 shares of company stock worth $64,629,600. 38.55% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently modified their holdings of TEAM. Murphy & Mullick Capital Management Corp purchased a new stake in Atlassian in the fourth quarter worth about $27,000. Clean Yield Group boosted its position in shares of Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock worth $25,000 after purchasing an additional 93 shares in the last quarter. Colonial Trust Co SC grew its stake in shares of Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after buying an additional 69 shares during the last quarter. Summit Securities Group LLC bought a new position in Atlassian during the 4th quarter valued at approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in Atlassian during the fourth quarter valued at $39,000. 94.45% of the stock is 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.