Atlassian (NASDAQ:TEAM) Given "Buy" Rating at BTIG Research

Key Points

• BTIG Research reiterated a “buy” rating on Atlassian and set a $130 price target, implying about 43% upside from the stock’s current level.
• Recent analyst sentiment remains constructive overall, with multiple firms raising targets and the stock holding a Moderate Buy consensus. MarketBeat data shows 21 Buy ratings, seven Holds, and one Sell, with an average target of $144.70.
• Atlassian’s latest quarterly results topped expectations, with EPS of $1.75 versus the $1.33 estimate and revenue of $1.79 billion, up 31.7% year over year. The report also noted recent insider selling, including trades by the CRO and CFO.

Atlassian (NASDAQ:TEAM - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at BTIG Research in a report issued on Friday,Benzinga reports. They presently have a $130.00 target price on the technology company's stock. BTIG Research's price target would indicate a potential upside of 43.31% from the stock's current price.

Other research analysts have also recently issued reports about the stock. Cantor Fitzgerald raised their target price on shares of Atlassian from $98.00 to $107.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Truist Financial raised their price target on shares of Atlassian from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, May 1st. Barclays upped their target price on Atlassian from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. TD Cowen lifted their price target on shares of Atlassian from $85.00 to $105.00 and gave the stock a "hold" rating in a report on Friday, May 1st. Finally, Wall Street Zen downgraded shares of Atlassian from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 30th. Twenty-one research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $144.70.

Atlassian Price Performance

TEAM stock opened at $90.71 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian has a 1 year low of $56.01 and a 1 year high of $220.30. The stock has a market cap of $23.02 billion, a PE ratio of -109.29, a price-to-earnings-growth ratio of 4.82 and a beta of 1.11. The stock has a 50-day moving average price of $87.79 and a two-hundred day moving average price of $94.38.

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

Insiders Place Their Bets

In related news, CRO Brian Duffy sold 3,000 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive directly owned 227,691 shares of the company's stock, valued at $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. 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 20,041 shares of company stock worth $1,801,069 over the last ninety days. Insiders own 36.66% of the company's stock.

Institutional Trading of Atlassian

A number of institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its position in shares of Atlassian by 291.4% in the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company's stock valued at $1,256,535,000 after acquiring an additional 5,769,788 shares during the period. Norges Bank bought a new stake in Atlassian in the 4th quarter worth approximately $323,526,000. Morgan Stanley boosted its position in Atlassian by 52.4% during the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company's stock valued at $781,841,000 after buying an additional 1,657,309 shares during the period. Carmignac Gestion grew its holdings in shares of Atlassian by 115.8% in the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company's stock worth $177,707,000 after purchasing an additional 1,397,402 shares during the last quarter. Finally, KBC Group NV grew its stake in shares of Atlassian by 1,691.2% in the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company's stock worth $98,281,000 after purchasing an additional 1,359,624 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

About Atlassian

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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