Atlassian's (TEAM) Overweight Rating Reiterated at Piper Sandler

Atlassian (NASDAQ:TEAM - Get Free Report)'s stock had its "overweight" rating restated by stock analysts at Piper Sandler in a research note issued to investors on Friday,Benzinga reports. They presently have a $300.00 target price on the technology company's stock, down from their previous target price of $365.00. Piper Sandler's price target indicates a potential upside of 41.83% from the company's previous close.

Several other analysts also recently weighed in on TEAM. Oppenheimer lifted their target price on Atlassian from $300.00 to $380.00 and gave the company an "outperform" rating in a research note on Friday, January 31st. The Goldman Sachs Group upped their price objective on shares of Atlassian from $245.00 to $370.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. Raymond James reissued an "outperform" rating and set a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research note on Friday, January 31st. UBS Group dropped their price target on shares of Atlassian from $330.00 to $230.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 1st. Finally, Mizuho raised their price objective on shares of Atlassian from $285.00 to $355.00 and gave the company an "outperform" rating in a research note on Friday, January 31st. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Atlassian has a consensus rating of "Moderate Buy" and a consensus price target of $295.48.

Atlassian Stock Down 7.7 %

Shares of Atlassian stock traded down $17.56 on Friday, hitting $211.52. 3,977,976 shares of the company's stock traded hands, compared to its average volume of 2,059,358. The firm's 50-day moving average is $224.12 and its 200 day moving average is $244.94. The stock has a market cap of $55.42 billion, a P/E ratio of -157.85 and a beta of 1.07. Atlassian has a 52-week low of $135.29 and a 52-week 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.

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

Insiders Place Their Bets

In related news, President Anutthara Bharadwaj sold 1,723 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total transaction of $526,962.32. Following the completion of the sale, the president now owns 199,934 shares in the company, valued at $61,147,814.56. This trade represents a 0.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $311.20, for a total value of $2,473,417.60. Following the completion of the transaction, the chief executive officer now owns 309,972 shares of the company's stock, valued at approximately $96,463,286.40. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 260,734 shares of company stock valued at $64,629,600 over the last 90 days. 38.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atlassian

Large investors have recently made changes to their positions in the company. Virtu Financial LLC bought a new stake in shares of Atlassian during the 3rd quarter valued at $606,000. Fulton Bank N.A. bought a new stake in Atlassian in the fourth quarter valued at about $447,000. Allworth Financial LP lifted its stake in Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock valued at $404,000 after buying an additional 47 shares during the period. Nordea Investment Management AB lifted its stake in Atlassian by 20.1% in the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company's stock valued at $7,458,000 after buying an additional 5,088 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Atlassian by 61.4% during the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company's stock worth $1,710,000 after buying an additional 4,099 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

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.

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