Atlassian (NASDAQ:TEAM) Lifted to Overweight at Piper Sandler

Piper Sandler upgraded shares of Atlassian (NASDAQ:TEAM) from a neutral rating to an overweight rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has $225.00 price target on the technology company’s stock, up from their prior price target of $200.00.

Several other equities research analysts also recently issued reports on the stock. Barclays upgraded shares of Atlassian from an equal weight rating to an overweight rating and raised their price objective for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. Robert W. Baird cut their price objective on shares of Atlassian from $270.00 to $230.00 and set an outperform rating for the company in a research report on Friday, April 26th. KeyCorp started coverage on shares of Atlassian in a research report on Tuesday, March 19th. They set a sector weight rating for the company. Wells Fargo & Company cut their price objective on shares of Atlassian from $285.00 to $250.00 and set an overweight rating for the company in a research report on Friday, June 21st. Finally, Oppenheimer dropped their price target on shares of Atlassian from $300.00 to $250.00 and set an outperform rating for the company in a research report on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $226.94.

Atlassian Stock Down 0.0 %

Shares of TEAM stock opened at $182.26 on Tuesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. The firm’s 50-day moving average is $170.92 and its 200-day moving average is $200.54. The stock has a market cap of $47.44 billion, a price-to-earnings ratio of -289.30 and a beta of 0.74. Atlassian has a 52-week low of $152.34 and a 52-week high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. Atlassian’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.40) EPS. Sell-side analysts predict that Atlassian will post -0.21 EPS for the current year.

Insider Activity at Atlassian

In related news, CAO Gene Liu sold 199 shares of Atlassian stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total value of $36,665.75. Following the transaction, the chief accounting officer now directly owns 45,666 shares of the company’s stock, valued at $8,413,960.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Atlassian news, CAO Gene Liu sold 199 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total transaction of $36,665.75. Following the sale, the chief accounting officer now owns 45,666 shares of the company’s stock, valued at $8,413,960.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $182.62, for a total transaction of $1,451,463.76. Following the sale, the chief executive officer now directly owns 484,828 shares in the company, valued at approximately $88,539,289.36. The disclosure for this sale can be found here. Insiders have sold 279,561 shares of company stock valued at $49,794,081 over the last three months. 40.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds have recently modified their holdings of the business. Hollencrest Capital Management lifted its holdings in shares of Atlassian by 383.9% during the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after purchasing an additional 119 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Atlassian during the first quarter worth $40,000. Crewe Advisors LLC acquired a new position in shares of Atlassian during the first quarter worth $43,000. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of Atlassian by 271.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after purchasing an additional 271 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Atlassian by 255.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after purchasing an additional 291 shares during the period. Institutional investors and hedge funds own 93.03% 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.