Atlassian (NASDAQ:TEAM) Raised to “Buy” at Wall Street Zen

Atlassian (NASDAQ:TEAM) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Sunday, Wall Street Zen reports.

Several other equities research analysts have also recently weighed in on the stock. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Atlassian in a research report on Monday, June 29th. Royal Bank Of Canada assumed coverage on shares of Atlassian in a report on Tuesday, August 25th. They set an “outperform” rating and a $215.00 price objective on the stock. Truist Financial boosted their price objective on shares of Atlassian from $160.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Citizens Jmp restated a “market perform” rating on shares of Atlassian in a report on Wednesday, July 1st. Finally, Raymond James Financial set a $180.00 target price on Atlassian in a research report on Friday, August 7th. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $186.41.

Atlassian Stock Up 7.3%

Shares of NASDAQ:TEAM opened at $192.77 on Friday. The business’s 50 day moving average is $138.06 and its 200 day moving average is $100.15. The stock has a market cap of $48.92 billion, a P/E ratio of -1,014.58, a price-to-earnings-growth ratio of 14.12 and a beta of 1.15. Atlassian has a 52-week low of $56.01 and a 52-week high of $198.60. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the prior year, the business earned $0.98 EPS. The business’s revenue for the quarter was up 27.6% compared to the same quarter last year. Sell-side analysts predict that Atlassian will post 0.94 EPS for the current year.

Insiders Place Their Bets

In related news, CRO Brian Duffy sold 7,617 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the transaction, the executive directly owned 220,074 shares in the company, valued at $35,872,062. The trade was a 3.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $175.00, for a total value of $196,875.00. Following the transaction, the chief accounting officer directly owned 56,807 shares in the company, valued at $9,941,225. This represents a 1.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 22,138 shares of company stock valued at $3,751,873. 36.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in the business. New York Life Investment Management LLC raised its position in Atlassian by 6.7% during the fourth quarter. New York Life Investment Management LLC now owns 2,199 shares of the technology company’s stock worth $357,000 after acquiring an additional 139 shares during the period. Coldstream Capital Management Inc. grew its position in shares of Atlassian by 10.7% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,588 shares of the technology company’s stock valued at $257,000 after purchasing an additional 153 shares during the period. MV Capital Management Inc. purchased a new stake in shares of Atlassian during the fourth quarter worth about $25,000. State of Wyoming increased its stake in shares of Atlassian by 65.7% during the first quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after purchasing an additional 178 shares in the last quarter. Finally, Basepoint Wealth LLC acquired a new position in shares of Atlassian during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.