Atlassian Corporation PLC (NASDAQ:TEAM) Receives $142.15 Average PT from Analysts

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) have earned a consensus rating of “Moderate Buy” from the twenty-eight ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and twenty-one have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $138.50.

Several analysts have recently commented on the company. Morgan Stanley reduced their price target on Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, April 16th. Canaccord Genuity Group dropped their price objective on Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Oppenheimer raised their target price on Atlassian from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Robert W. Baird set a $120.00 target price on Atlassian in a report on Friday, May 1st. Finally, Cantor Fitzgerald boosted their target price on shares of Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st.

Atlassian Trading Down 5.7%

Shares of Atlassian stock opened at $85.40 on Thursday. The firm has a market cap of $21.67 billion, a price-to-earnings ratio of -102.89, a price-to-earnings-growth ratio of 5.67 and a beta of 1.11. Atlassian has a 52-week low of $56.01 and a 52-week high of $206.00. The company’s 50-day simple moving average is $89.13 and its 200-day simple moving average is $89.89. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the firm earned $0.97 earnings per share. The firm’s revenue was up 31.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Atlassian will post 0.81 earnings per share for the current year.

Insider Activity

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive directly owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 20,041 shares of company stock valued at $1,801,069 in the last quarter. Company insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently bought and sold shares of the company. MV Capital Management Inc. acquired a new stake in Atlassian in the fourth quarter valued at $25,000. Geneos Wealth Management Inc. raised its stake in shares of Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after buying an additional 161 shares during the last quarter. Board of the Pension Protection Fund acquired a new position in shares of Atlassian during the 4th quarter worth $32,000. Basepoint Wealth LLC purchased a new stake in shares of Atlassian in the 4th quarter worth about $32,000. Finally, Garton & Associates Financial Advisors LLC purchased a new stake in shares of Atlassian in the 4th quarter worth about $32,000. 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.