Atlassian (NASDAQ:TEAM) Earns “Outperform” Rating from Raymond James

Atlassian (NASDAQ:TEAM)‘s stock had its “outperform” rating reissued by stock analysts at Raymond James in a note issued to investors on Friday,Benzinga reports. They currently have a $330.00 price objective on the technology company’s stock, up from their previous price objective of $250.00. Raymond James’ price target would suggest a potential upside of 6.06% from the company’s current price.

A number of other analysts also recently issued reports on the company. Cantor Fitzgerald raised their price objective on Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research report on Friday. Mizuho raised their price objective on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $255.00 to $292.00 in a research report on Friday, January 10th. UBS Group raised their price objective on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Finally, Canaccord Genuity Group raised their price objective on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, Atlassian has an average rating of “Moderate Buy” and an average target price of $297.24.

Atlassian Trading Up 16.6 %

Shares of NASDAQ TEAM traded up $44.20 during trading on Friday, hitting $311.15. 4,523,495 shares of the company were exchanged, compared to its average volume of 1,993,957. Atlassian has a 12-month low of $135.29 and a 12-month high of $324.37. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The company has a fifty day moving average price of $259.32 and a 200-day moving average price of $206.76. The firm has a market capitalization of $81.03 billion, a PE ratio of -205.34 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. As a group, equities research analysts expect that Atlassian will post -0.55 EPS for the current year.

Insider Activity

In related news, CFO Joseph Leo Binz sold 1,674 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total transaction of $411,485.94. Following the transaction, the chief financial officer now owns 171,929 shares of the company’s stock, valued at $42,261,867.49. This represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $278.79, for a total value of $2,215,822.92. Following the transaction, the chief executive officer now directly owns 135,116 shares in the company, valued at $37,668,989.64. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 257,156 shares of company stock valued at $65,313,573. Company insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several large investors have recently bought and sold shares of the company. Allworth Financial LP grew its holdings in Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Atlassian by 22.9% in the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock valued at $71,000 after acquiring an additional 54 shares in the last quarter. J.W. Cole Advisors Inc. lifted its position in shares of Atlassian by 1.5% in the fourth quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock valued at $963,000 after acquiring an additional 59 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its position in shares of Atlassian by 2.1% in the third quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock valued at $544,000 after acquiring an additional 70 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Atlassian by 23.2% in the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock valued at $69,000 after acquiring an additional 82 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.