Atlassian (NASDAQ:TEAM) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Wall Street Zen upgraded Atlassian from “hold” to “buy,” joining a broadly positive analyst view. Twenty-five analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $183.81.
• Atlassian exceeded quarterly expectations, reporting EPS of $1.87 versus the $1.50 consensus and revenue of $1.77 billion, up 27.6% year over year.
• Institutional investors own 94.45% of the company, while insiders sold 22,138 shares worth approximately $3.75 million during the latest quarter.

Atlassian (NASDAQ:TEAM - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

Other research analysts also recently issued research reports about the stock. Robert W. Baird set a $200.00 price objective on shares of Atlassian in a research report on Friday, August 7th. BMO Capital Markets upped their price objective on Atlassian from $95.00 to $175.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. FBN Securities reaffirmed an "outperform" rating and issued a $170.00 price objective on shares of Atlassian in a research report on Monday, August 10th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Atlassian in a research note on Friday, July 17th. Finally, Bank of America increased their price target on Atlassian from $175.00 to $210.00 and gave the company a "buy" rating in a research note on Monday, August 31st. Twenty-five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $183.81.

Atlassian Stock Performance

TEAM opened at $179.70 on Friday. The business's 50-day simple moving average is $135.92 and its 200 day simple moving average is $99.08. Atlassian has a 52-week low of $56.01 and a 52-week high of $198.60. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $45.60 billion, a PE ratio of -945.79, a PEG ratio of 14.12 and a beta of 1.15.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.66 billion. During the same quarter in the prior year, the business posted $0.98 EPS. The business's revenue was up 27.6% compared to the same quarter last year. As a group, sell-side analysts expect that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the sale, the chief financial officer directly owned 279,218 shares of the company's stock, valued at approximately $48,151,144.10. This trade represents a 3.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 939 shares of the business's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $190.00, for a total value of $178,410.00. Following the completion of the sale, the chief accounting officer owned 55,868 shares of the company's stock, valued at $10,614,920. This trade represents a 1.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,138 shares of company stock worth $3,751,873 over the last quarter. Company insiders own 36.66% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC boosted its position in shares of Atlassian by 61.7% in the second quarter. Sequoia Financial Advisors LLC now owns 13,532 shares of the technology company's stock valued at $1,053,000 after acquiring an additional 5,162 shares during the period. MCF Advisors LLC increased its position in Atlassian by 43.6% during the second quarter. MCF Advisors LLC now owns 8,795 shares of the technology company's stock worth $684,000 after acquiring an additional 2,669 shares during the period. WINTON GROUP Ltd acquired a new stake in Atlassian in the 2nd quarter worth about $373,000. Engineers Gate Manager LP raised its stake in Atlassian by 37.0% in the 2nd quarter. Engineers Gate Manager LP now owns 77,291 shares of the technology company's stock worth $6,012,000 after purchasing an additional 20,872 shares in the last quarter. Finally, Integrated Wealth Concepts LLC boosted its holdings in Atlassian by 63.3% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 21,922 shares of the technology company's stock valued at $1,705,000 after purchasing an additional 8,500 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

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.

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