Atlassian Co. (NASDAQ:TEAM) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Atlassian Co. (NASDAQ:TEAM - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twenty-four analysts that are presently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation, nineteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $285.29.

TEAM has been the subject of a number of recent research reports. Piper Sandler reaffirmed an "overweight" rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. StockNews.com lowered shares of Atlassian from a "buy" rating to a "hold" rating in a report on Monday, March 31st. UBS Group cut their target price on shares of Atlassian from $230.00 to $215.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Morgan Stanley dropped their price target on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Oppenheimer boosted their price objective on shares of Atlassian from $300.00 to $380.00 and gave the stock an "outperform" rating in a research note on Friday, January 31st.

Atlassian Stock Performance

NASDAQ:TEAM opened at $220.79 on Friday. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock's 50-day simple moving average is $213.69 and its 200 day simple moving average is $246.60. The firm has a market capitalization of $57.85 billion, a PE ratio of -164.77 and a beta of 1.06.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The firm's revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.89 EPS. On average, analysts anticipate that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $185.61, for a total transaction of $1,475,228.28. Following the transaction, the director now directly owns 333,816 shares of the company's stock, valued at approximately $61,959,587.76. This represents a 2.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 1,723 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total value of $526,962.32. Following the completion of the sale, the president now directly owns 199,934 shares of the company's stock, valued at $61,147,814.56. This trade represents a 0.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,301 shares of company stock valued at $60,975,089 over the last ninety days. 38.55% of the stock is owned by corporate insiders.

Institutional Trading of Atlassian

Hedge funds have recently bought and sold shares of the business. Corebridge Financial Inc. lifted its stake in shares of Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after buying an additional 35 shares in the last quarter. GeoWealth Management LLC raised its holdings in shares of Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after acquiring an additional 38 shares during the last quarter. Assetmark Inc. lifted its position in Atlassian by 30.6% in the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after acquiring an additional 41 shares in the last quarter. Allworth Financial LP boosted its stake in Atlassian by 3.1% during the 4th 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. Finally, State of Wyoming increased its holdings in Atlassian by 20.3% during the 1st quarter. State of Wyoming now owns 278 shares of the technology company's stock worth $59,000 after purchasing an additional 47 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.

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