Atlassian (NASDAQ:TEAM) Stock Rating Upgraded by Macquarie

Atlassian (NASDAQ:TEAM) was upgraded by investment analysts at Macquarie from a “neutral” rating to an “outperform” rating in a report issued on Thursday, MarketBeat Ratings reports. The firm currently has a $270.00 price target on the technology company’s stock, down from their prior price target of $317.00. Macquarie’s target price suggests a potential upside of 36.11% from the company’s previous close.

Other analysts have also issued reports about the company. William Blair reiterated an “outperform” rating on shares of Atlassian in a report on Friday, January 31st. Cantor Fitzgerald upgraded Atlassian from a “neutral” rating to an “overweight” rating and reduced their price target for the company from $304.00 to $272.00 in a report on Wednesday, April 2nd. Piper Sandler boosted their price target on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Jefferies Financial Group cut their price objective on shares of Atlassian from $330.00 to $262.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Finally, Raymond James reissued an “outperform” rating and issued a $330.00 target price (up from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Eight analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $297.50.

Atlassian Price Performance

Shares of TEAM opened at $198.37 on Thursday. The business’s 50-day moving average is $251.13 and its 200-day moving average is $241.25. 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 market capitalization of $51.97 billion, a price-to-earnings ratio of -148.04 and a beta of 1.07. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Equities research analysts expect that Atlassian will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the transaction, the president now owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $236.89, for a total value of $1,882,801.72. Following the sale, the chief executive officer now directly owns 421,244 shares in the company, valued at approximately $99,788,491.16. This trade represents a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 263,033 shares of company stock valued at $68,608,284 in the last three months. Company insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Hedge funds have recently modified their holdings of the company. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian in the fourth quarter valued at $27,000. Colonial Trust Co SC increased its holdings in Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after buying an additional 69 shares during the period. Summit Securities Group LLC acquired a new position in shares of Atlassian in the 4th quarter valued at $38,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian during the 4th quarter worth about $39,000. Finally, Avion Wealth boosted its position in shares of Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after acquiring an additional 157 shares in the last quarter. Institutional investors 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.