Atlassian (NASDAQ:TEAM) Rating Increased to Buy at StockNews.com

Atlassian (NASDAQ:TEAM) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Other research analysts have also issued research reports about the company. Barclays raised their price objective on Atlassian from $165.00 to $195.00 and gave the company an “equal weight” rating in a report on Friday, August 4th. Berenberg Bank initiated coverage on Atlassian in a report on Thursday, June 29th. They issued a “hold” rating and a $150.00 price objective on the stock. KeyCorp raised their price objective on Atlassian from $175.00 to $205.00 in a report on Tuesday, July 18th. Robert W. Baird lifted their price target on Atlassian from $205.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. Finally, Wells Fargo & Company lifted their price target on Atlassian from $200.00 to $230.00 and gave the stock an “overweight” rating in a report on Friday, August 4th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $199.81.

Atlassian Trading Down 3.0 %

Shares of NASDAQ:TEAM opened at $203.03 on Thursday. Atlassian has a 1 year low of $113.86 and a 1 year high of $248.20. The firm has a market capitalization of $52.26 billion, a price-to-earnings ratio of -107.42 and a beta of 0.70. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.35 and a quick ratio of 1.35. The business’s 50 day moving average price is $190.17 and its 200-day moving average price is $171.25.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, August 3rd. The technology company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.04. The firm had revenue of $939.10 million for the quarter, compared to analyst estimates of $911.23 million. Atlassian had a negative return on equity of 61.15% and a negative net margin of 13.77%. On average, equities research analysts forecast that Atlassian will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Gene Liu sold 149 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $199.99, for a total transaction of $29,798.51. Following the completion of the sale, the insider now directly owns 47,788 shares of the company’s stock, valued at approximately $9,557,122.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $169.02, for a total value of $1,392,893.82. Following the completion of the transaction, the chief executive officer now directly owns 49,446 shares of the company’s stock, valued at approximately $8,357,362.92. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Gene Liu sold 149 shares of Atlassian stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $199.99, for a total value of $29,798.51. Following the completion of the transaction, the insider now directly owns 47,788 shares of the company’s stock, valued at $9,557,122.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 335,958 shares of company stock valued at $62,167,964. 43.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Park Avenue Securities LLC grew its position in shares of Atlassian by 0.5% during the second quarter. Park Avenue Securities LLC now owns 14,544 shares of the technology company’s stock worth $2,441,000 after buying an additional 67 shares in the last quarter. Virtue Capital Management LLC grew its position in shares of Atlassian by 2.1% during the second quarter. Virtue Capital Management LLC now owns 3,348 shares of the technology company’s stock worth $578,000 after buying an additional 70 shares in the last quarter. ICICI Prudential Asset Management Co Ltd grew its position in shares of Atlassian by 7.4% during the second quarter. ICICI Prudential Asset Management Co Ltd now owns 1,032 shares of the technology company’s stock worth $173,000 after buying an additional 71 shares in the last quarter. Red Spruce Capital LLC grew its position in shares of Atlassian by 3.4% during the first quarter. Red Spruce Capital LLC now owns 2,177 shares of the technology company’s stock worth $373,000 after buying an additional 72 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its stake in Atlassian by 0.9% during the second quarter. MetLife Investment Management LLC now owns 8,894 shares of the technology company’s stock worth $1,493,000 after purchasing an additional 75 shares during the last quarter. 53.36% of the stock is owned by institutional investors and hedge funds.

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.