Atlassian (NASDAQ:TEAM) Upgraded at Zacks Research

Atlassian (NASDAQ:TEAM) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

TEAM has been the subject of a number of other research reports. Jefferies Financial Group set a $150.00 price objective on shares of Atlassian in a research note on Friday, February 6th. TD Cowen dropped their target price on Atlassian from $205.00 to $175.00 and set a “hold” rating on the stock in a report on Tuesday, January 20th. Mizuho dropped their target price on Atlassian from $205.00 to $185.00 and set an “outperform” rating on the stock in a report on Thursday, March 12th. Piper Sandler restated an “overweight” rating and set a $200.00 price objective (down from $280.00) on shares of Atlassian in a research note on Friday, February 6th. Finally, Cantor Fitzgerald reduced their price objective on shares of Atlassian from $240.00 to $146.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. Twenty investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $179.00.

Atlassian Stock Performance

Shares of TEAM stock opened at $64.83 on Monday. The firm’s 50-day simple moving average is $81.49 and its two-hundred day simple moving average is $128.31. Atlassian has a 52 week low of $64.30 and a 52 week high of $242.00. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $17.10 billion, a price-to-earnings ratio of -90.04 and a beta of 0.99.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Friday, February 6th. The technology company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.12 by $0.10. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the company earned $0.96 earnings per share. Atlassian’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, equities analysts forecast that Atlassian will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

In other news, CFO Joseph Leo Binz sold 1,653 shares of Atlassian stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total value of $134,471.55. Following the completion of the sale, the chief financial officer directly owned 208,639 shares in the company, valued at $16,972,782.65. The trade was a 0.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Brian Duffy sold 1,222 shares of Atlassian stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $99,409.70. Following the completion of the sale, the executive owned 124,332 shares of the company’s stock, valued at $10,114,408.20. This represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 189,973 shares of company stock valued at $23,479,713. Company insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Atlassian by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock worth $3,006,281,000 after buying an additional 61,706 shares during the period. Baillie Gifford & Co. increased its holdings in Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after buying an additional 316,276 shares during the period. AQR Capital Management LLC increased its holdings in Atlassian by 291.4% in the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after buying an additional 5,769,788 shares during the period. Morgan Stanley grew its stake in shares of Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after purchasing an additional 1,657,309 shares during the period. Finally, State Street Corp grew its stake in shares of Atlassian by 3.3% during the 4th quarter. State Street Corp now owns 3,995,100 shares of the technology company’s stock worth $647,766,000 after purchasing an additional 127,105 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.