Atlassian Corporation PLC (NASDAQ:TEAM) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Atlassian has a consensus analyst rating of “Moderate Buy” from 28 brokerages, with the average 1-year price target at about $145.63.
• The company reported strong quarterly results, posting EPS of $1.75 versus estimates of $1.33 and revenue of $1.79 billion, up 31.7% year over year.
• Insider selling was noted recently, including share sales by CFO James Chuong and CRO Brian Duffy, though the transactions were said to cover tax withholding obligations tied to equity awards.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) has received a consensus rating of "Moderate Buy" from the twenty-eight brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $145.6296.

Several research firms have recently weighed in on TEAM. Cantor Fitzgerald lifted their price objective on shares of Atlassian from $98.00 to $107.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Zacks Research raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 6th. Oppenheimer raised their price target on shares of Atlassian from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, May 11th. Raymond James Financial set a $130.00 price target on shares of Atlassian in a research note on Friday, May 1st. Finally, Sanford C. Bernstein reiterated an "outperform" rating and set a $295.00 price objective on shares of Atlassian in a report on Friday, May 1st.

Atlassian Stock Down 0.6%

Shares of NASDAQ:TEAM opened at $84.92 on Wednesday. Atlassian has a 1 year low of $56.01 and a 1 year high of $222.59. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. The business's 50-day moving average is $74.24 and its 200-day moving average is $109.12. The company has a market capitalization of $21.55 billion, a price-to-earnings ratio of -102.31, a P/E/G ratio of 4.84 and a beta of 0.90.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter last year, the firm posted $0.97 earnings per share. The firm's revenue was up 31.7% on a year-over-year basis. Equities research analysts predict that Atlassian will post 0.81 earnings per share for the current year.

Insider Transactions at Atlassian

In related news, CFO James Chuong sold 8,838 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares of the company's stock, valued at approximately $25,295,868. This represents a 2.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,986 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $174,271.50. Following the completion of the transaction, the executive owned 236,841 shares in the company, valued at approximately $20,782,797.75. The trade was a 0.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 10,891 shares of company stock valued at $955,683 over the last ninety days. 36.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

Hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC raised its holdings in Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company's stock worth $1,256,535,000 after buying an additional 5,769,788 shares during the last quarter. DNB Asset Management AS grew its holdings in shares of Atlassian by 266.6% during the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company's stock valued at $448,260,000 after buying an additional 2,041,210 shares during the last quarter. Norges Bank bought a new stake in shares of Atlassian during the fourth quarter worth about $323,526,000. Morgan Stanley increased its position in shares of Atlassian by 52.4% during the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company's stock worth $781,841,000 after acquiring an additional 1,657,309 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Atlassian by 1,691.2% in the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company's stock worth $98,281,000 after acquiring an additional 1,359,624 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Company Profile

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.

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