Atlassian (NASDAQ:TEAM) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a research note published on Sunday.

TEAM has been the topic of several other research reports. Baird R W raised Atlassian from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Cantor Fitzgerald upgraded Atlassian from a “neutral” rating to an “overweight” rating and decreased their price objective for the company from $304.00 to $272.00 in a report on Wednesday, April 2nd. UBS Group decreased their price objective on Atlassian from $230.00 to $215.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. KeyCorp decreased their price objective on Atlassian from $365.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Finally, Macquarie decreased their price objective on Atlassian from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $282.19.

Atlassian Stock Performance

Shares of Atlassian stock opened at $200.67 on Friday. The company has a market capitalization of $52.68 billion, a PE ratio of -120.89 and a beta of 0.96. Atlassian has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock’s fifty day simple moving average is $210.03 and its 200 day simple moving average is $239.10.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the business posted $0.89 EPS. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. On average, research analysts predict that Atlassian will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $216.63, for a total value of $1,721,775.24. Following the completion of the sale, the chief executive officer now directly owns 7,948 shares in the company, valued at approximately $1,721,775.24. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Gene Liu sold 121 shares of Atlassian stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $214.88, for a total transaction of $26,000.48. Following the completion of the sale, the chief accounting officer now owns 51,360 shares of the company’s stock, valued at approximately $11,036,236.80. The trade was a 0.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 381,287 shares of company stock worth $79,609,626 over the last three months. Insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the business. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Atlassian in the fourth quarter valued at approximately $27,000. Clean Yield Group raised its position in Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after purchasing an additional 93 shares in the last quarter. Colonial Trust Co SC raised its position in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after purchasing an additional 69 shares in the last quarter. Summit Securities Group LLC acquired a new position in Atlassian during the fourth quarter valued at approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in Atlassian during the fourth quarter valued at approximately $39,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.