Atlassian (NASDAQ:TEAM) Upgraded to Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Atlassian (NASDAQ:TEAM) from a neutral rating to a buy rating in a research report released on Friday morning, Marketbeat Ratings reports. They currently have $230.00 target price on the technology company’s stock, up from their previous target price of $200.00.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company reduced their price objective on shares of Atlassian from $285.00 to $250.00 and set an overweight rating for the company in a research note on Friday, June 21st. StockNews.com lowered Atlassian from a buy rating to a hold rating in a report on Friday, July 12th. Piper Sandler upgraded Atlassian from a neutral rating to an overweight rating and boosted their target price for the stock from $200.00 to $225.00 in a report on Tuesday, July 2nd. Oppenheimer lowered their price target on Atlassian from $300.00 to $250.00 and set an outperform rating on the stock in a report on Friday, April 26th. Finally, Canaccord Genuity Group reduced their price objective on shares of Atlassian from $260.00 to $230.00 and set a buy rating for the company in a research note on Friday, April 26th. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $219.25.

Atlassian Stock Performance

Atlassian stock opened at $142.85 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $37.18 billion, a P/E ratio of -228.06 and a beta of 0.74. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $258.69. The firm’s 50 day simple moving average is $169.60 and its 200-day simple moving average is $191.11.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 18.13%. The company’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.21) EPS. As a group, equities research analysts predict that Atlassian will post -0.23 EPS for the current year.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $144.73, for a total transaction of $1,150,314.04. Following the sale, the chief executive officer now owns 317,920 shares of the company’s stock, valued at $46,012,561.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $157.52, for a total value of $1,298,122.32. Following the sale, the chief executive officer now owns 127,461 shares in the company, valued at approximately $20,077,656.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $144.73, for a total value of $1,150,314.04. Following the completion of the sale, the chief executive officer now owns 317,920 shares in the company, valued at $46,012,561.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 274,992 shares of company stock valued at $47,338,797. 40.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in TEAM. Hollencrest Capital Management grew its holdings in Atlassian by 383.9% in 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. Trust Co. of Vermont grew its stake in shares of Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after buying an additional 174 shares during the period. Rothschild Investment LLC bought a new stake in Atlassian in the 2nd quarter valued at about $36,000. Edmond DE Rothschild Holding S.A. acquired a new position in Atlassian during the 1st quarter worth approximately $40,000. Finally, Crewe Advisors LLC acquired a new stake in Atlassian in the first quarter valued at approximately $43,000. 93.03% of the stock is owned by institutional investors and hedge funds.

About Atlassian

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.