Atlassian (NASDAQ:TEAM) Raised to Buy at Wall Street Zen

Atlassian (NASDAQ:TEAM) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Several other research firms have also recently weighed in on TEAM. Canaccord Genuity Group set a $185.00 price objective on Atlassian in a research report on Friday, February 6th. TD Cowen dropped their target price on shares of Atlassian from $205.00 to $175.00 and set a “hold” rating on the stock in a research report on Tuesday, January 20th. Piper Sandler reiterated an “overweight” rating and set a $200.00 target price (down from $280.00) on shares of Atlassian in a research note on Friday, February 6th. Guggenheim decreased their price target on shares of Atlassian from $225.00 to $190.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Finally, Wells Fargo & Company dropped their price objective on shares of Atlassian from $216.00 to $155.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $189.32.

Atlassian Trading Up 1.3%

Shares of NASDAQ:TEAM opened at $83.62 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.89 and a current ratio of 0.89. The stock’s 50-day moving average is $112.62 and its 200-day moving average is $143.95. The company has a market cap of $22.05 billion, a P/E ratio of -116.14, a P/E/G ratio of 331.23 and a beta of 0.94. Atlassian has a 52-week low of $67.85 and a 52-week high of $251.00.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.10. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 EPS. Equities research analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $161.79, for a total transaction of $1,240,120.35. Following the completion of the transaction, the director directly owned 99,645 shares of the company’s stock, valued at approximately $16,121,564.55. This trade represents a 7.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $161.79, for a total transaction of $1,240,120.35. Following the sale, the chief executive officer owned 107,310 shares in the company, valued at approximately $17,361,684.90. This trade represents a 6.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 374,461 shares of company stock valued at $53,152,830. 36.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capco Asset Management LLC acquired a new position in shares of Atlassian in the 2nd quarter worth approximately $25,000. MV Capital Management Inc. acquired a new stake in Atlassian in the 4th quarter valued at $25,000. Physician Wealth Advisors Inc. grew its position in Atlassian by 60.4% in the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after acquiring an additional 61 shares during the period. Geneos Wealth Management Inc. grew its position in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after acquiring an additional 161 shares during the period. Finally, Atlantic Union Bankshares Corp raised its stake in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after acquiring an additional 199 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.