Atlassian (NASDAQ:TEAM) Coverage Initiated at BTIG Research

Equities researchers at BTIG Research started coverage on shares of Atlassian (NASDAQ:TEAM) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $220.00 price target on the technology company’s stock. BTIG Research’s target price indicates a potential upside of 35.82% from the stock’s current price.

A number of other equities research analysts also recently weighed in on TEAM. Citigroup restated a “buy” rating on shares of Atlassian in a research note on Wednesday, October 22nd. TD Cowen cut their target price on shares of Atlassian from $220.00 to $205.00 and set a “hold” rating on the stock in a research report on Monday, October 27th. Guggenheim assumed coverage on shares of Atlassian in a report on Thursday, September 11th. They set a “buy” rating and a $225.00 price target for the company. Robert W. Baird set a $230.00 price objective on Atlassian in a report on Friday, October 31st. Finally, Zacks Research raised Atlassian from a “strong sell” rating to a “hold” rating in a report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $239.23.

Atlassian Stock Up 1.5%

Shares of TEAM opened at $161.98 on Tuesday. The firm has a 50 day simple moving average of $156.48 and a two-hundred day simple moving average of $174.53. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. Atlassian has a one year low of $139.70 and a one year high of $326.00. The company has a market cap of $42.62 billion, a P/E ratio of -228.14, a P/E/G ratio of 30.10 and a beta of 0.89.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.21. Atlassian had a negative return on equity of 7.11% and a negative net margin of 3.38%.The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the company posted $0.77 EPS. The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. Research analysts forecast that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $158.92, for a total value of $1,218,121.80. Following the completion of the sale, the chief executive officer directly owned 76,650 shares in the company, valued at approximately $12,181,218. The trade was a 9.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $158.92, for a total value of $1,218,121.80. Following the completion of the transaction, the director directly owned 76,650 shares in the company, valued at approximately $12,181,218. This trade represents a 9.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 581,709 shares of company stock worth $91,408,701 in the last 90 days. Corporate insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors and hedge funds have recently made changes to their positions in TEAM. Capco Asset Management LLC acquired a new position in Atlassian during the 2nd quarter worth approximately $25,000. Physician Wealth Advisors Inc. raised its position in shares of Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after purchasing an additional 61 shares during the period. Atlantic Union Bankshares Corp raised its position in shares of 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 purchasing an additional 199 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares in the last quarter. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in Atlassian in the 3rd quarter valued at $57,000. 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.