Atlassian Corporation PLC (NASDAQ:TEAM) Receives $274.05 Average PT from Brokerages

Shares of Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) have received a consensus rating of "Moderate Buy" from the twenty-four research firms that are covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation, eighteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $274.05.

A number of brokerages have commented on TEAM. Morgan Stanley lowered their target price on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Wells Fargo & Company lowered their price target on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a research note on Friday, May 2nd. Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Jefferies Financial Group reduced their target price on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Finally, Raymond James Financial restated an "outperform" rating and set a $300.00 price target (down previously from $330.00) on shares of Atlassian in a research note on Friday, May 2nd.

Insiders Place Their Bets

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $214.92, for a total value of $1,708,184.16. Following the completion of the sale, the director directly owned 103,324 shares of the company's stock, valued at $22,206,394.08. This represents a 7.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $221.41, for a total transaction of $1,759,766.68. Following the transaction, the chief executive officer owned 111,272 shares in the company, valued at approximately $24,636,733.52. The trade was a 6.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 492,017 shares of company stock worth $101,133,506 in the last ninety days. 38.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently added to or reduced their stakes in TEAM. Mizuho Markets Cayman LP bought a new stake in shares of Atlassian in the 2nd quarter worth approximately $4,141,000. Howard Capital Management Inc. increased its position in shares of Atlassian by 58.1% during the second quarter. Howard Capital Management Inc. now owns 5,992 shares of the technology company's stock valued at $1,217,000 after purchasing an additional 2,203 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Atlassian by 12.1% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 38,100 shares of the technology company's stock valued at $7,738,000 after purchasing an additional 4,100 shares in the last quarter. AustralianSuper Pty Ltd lifted its position in Atlassian by 675.5% in the second quarter. AustralianSuper Pty Ltd now owns 52,576 shares of the technology company's stock worth $10,678,000 after purchasing an additional 45,796 shares during the period. Finally, Y Intercept Hong Kong Ltd lifted its position in Atlassian by 67.4% in the second quarter. Y Intercept Hong Kong Ltd now owns 61,261 shares of the technology company's stock worth $12,441,000 after purchasing an additional 24,675 shares during the period. 94.45% of the stock is currently owned by institutional investors.

Atlassian Stock Down 4.6%

TEAM traded down $8.82 on Thursday, reaching $182.96. 1,944,063 shares of the company traded hands, compared to its average volume of 2,284,959. The company has a market cap of $48.03 billion, a price-to-earnings ratio of -110.22 and a beta of 0.94. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The stock's 50 day moving average price is $202.78 and its 200-day moving average price is $229.08. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the previous year, the company posted $0.89 EPS. Atlassian's revenue was up 14.1% on a year-over-year basis. On average, sell-side analysts expect that Atlassian will post -0.34 EPS for the current fiscal year.

Atlassian Company Profile

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.