Atlassian (NASDAQ:TEAM) Rating Increased to Buy at Wall Street Zen

Atlassian (NASDAQ:TEAM - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Friday.

TEAM has been the topic of several other reports. KeyCorp decreased their price objective on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. JMP Securities reiterated a "market perform" rating on shares of Atlassian in a report on Friday, January 31st. William Blair reiterated an "outperform" rating on shares of Atlassian in a report on Friday, January 31st. Mizuho upped their price objective on shares of Atlassian from $285.00 to $355.00 and gave the company an "outperform" rating in a report on Friday, January 31st. Finally, UBS Group decreased their price objective on shares of Atlassian from $230.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Four analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $285.29.

Atlassian Stock Performance

NASDAQ TEAM traded up $2.38 on Friday, hitting $206.31. 3,481,076 shares of the stock were exchanged, compared to its average volume of 2,090,394. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The business's fifty day moving average is $210.57 and its 200 day moving average is $245.81. Atlassian has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a market capitalization of $54.16 billion, a PE ratio of -153.96 and a beta of 1.06.

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

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $205.73, for a total transaction of $1,635,142.04. Following the sale, the chief executive officer now directly owns 47,688 shares in the company, valued at $9,810,852.24. This represents a 14.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Gene Liu sold 541 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total transaction of $122,000.91. Following the sale, the chief accounting officer now owns 51,481 shares in the company, valued at $11,609,480.31. The trade was a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 310,899 shares of company stock worth $66,859,457. Corporate insiders own 38.55% of the company's stock.

Institutional Investors Weigh In On Atlassian

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Atlassian by 3.5% during the first quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company's stock worth $3,606,198,000 after buying an additional 580,583 shares in the last quarter. Baillie Gifford & Co. grew its stake in Atlassian by 7.1% during the first quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock worth $1,845,114,000 after buying an additional 573,696 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after buying an additional 1,806,042 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Atlassian by 21.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock worth $730,175,000 after acquiring an additional 616,071 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after acquiring an additional 1,777,179 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.