Atlassian (NASDAQ:TEAM) Upgraded at StockNews.com

StockNews.com upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a research report sent to investors on Friday morning.

Other research analysts have also issued research reports about the company. Macquarie boosted their price target on Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Scotiabank lifted their price objective on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research report on Friday, January 31st. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and upped their target price for the company from $255.00 to $292.00 in a report on Friday, January 10th. Wells Fargo & Company raised their target price on shares of Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, Mizuho boosted their price target on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $319.71.

Atlassian Stock Performance

Shares of Atlassian stock opened at $285.99 on Friday. 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 firm has a market cap of $74.93 billion, a price-to-earnings ratio of -213.42 and a beta of 0.87. The stock’s 50-day moving average is $272.98 and its 200-day moving average is $223.88. Atlassian has a one year low of $135.29 and a one year high of $326.00.

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

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $254.76, for a total value of $387,235.20. Following the transaction, the president now directly owns 211,991 shares of the company’s stock, valued at $54,006,827.16. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $297.51, for a total transaction of $2,364,609.48. Following the sale, the chief executive officer now directly owns 214,596 shares of the company’s stock, valued at approximately $63,844,455.96. This trade represents a 3.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,501 shares of company stock valued at $75,480,290 over the last 90 days. 38.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

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