Atlassian (NASDAQ:TEAM) Earns Neutral Rating from Analysts at Macquarie

Macquarie began coverage on shares of Atlassian (NASDAQ:TEAM) in a research note issued to investors on Thursday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $290.00 price objective on the technology company’s stock.

A number of other brokerages have also recently issued reports on TEAM. Robert W. Baird boosted their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Oppenheimer boosted their price objective on Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. KeyCorp raised their target price on Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. BMO Capital Markets upped their price target on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research report on Friday, November 1st. Finally, Jefferies Financial Group raised their price objective on shares of Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $256.50.

Atlassian Stock Down 0.2 %

TEAM stock opened at $278.65 on Thursday. The stock has a fifty day moving average of $229.09 and a 200-day moving average of $186.77. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $287.97. The company has a market capitalization of $72.57 billion, a price-to-earnings ratio of -183.32 and a beta of 0.80. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business earned ($0.07) earnings per share. The company’s quarterly revenue was up 21.5% on a year-over-year basis. As a group, equities research analysts predict that Atlassian will post -0.54 earnings per share for the current year.

Insider Activity at Atlassian

In related news, Director Heather Mirjahangir Fernandez sold 3,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total value of $825,000.00. Following the completion of the sale, the director now owns 5,610 shares of the company’s stock, valued at $1,542,750. This trade represents a 34.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $160.14, for a total transaction of $1,272,792.72. Following the completion of the sale, the director now owns 484,828 shares in the company, valued at approximately $77,640,355.92. This trade represents a 1.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 276,590 shares of company stock worth $58,284,749 in the last three months. 38.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors and hedge funds have recently modified their holdings of TEAM. Sequoia Financial Advisors LLC increased its position in shares of Atlassian by 37.0% during the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after buying an additional 520 shares during the period. Paloma Partners Management Co purchased a new position in shares of Atlassian during the 3rd quarter worth approximately $1,588,000. Impax Asset Management Group plc raised its position in shares of Atlassian by 590.6% in the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after acquiring an additional 31,986 shares in the last quarter. Parnassus Investments LLC raised its position in shares of Atlassian by 322.9% in the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after acquiring an additional 245,286 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Atlassian in the 3rd quarter valued at approximately $97,350,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

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.