Citizens Jmp Reaffirms "Market Perform" Rating for Atlassian (NASDAQ:TEAM)

Key Points

• Citizens JMP reiterated its "market perform" rating on Atlassian, while the broader analyst view remains cautious to moderately bullish with a consensus Moderate Buy and an average price target of $145.26.
• Atlassian reported strong quarterly results, posting EPS of $1.75 versus estimates of $1.33 and revenue of $1.79 billion, above expectations and up 31.7% year over year.
• Recent insider activity showed executives selling shares, including the CFO and CRO, with total insider sales of 20,041 shares worth about $1.8 million over the last three months.

Atlassian (NASDAQ:TEAM - Get Free Report)'s stock had its "market perform" rating reiterated by research analysts at Citizens Jmp in a research report issued to clients and investors on Wednesday,Benzinga reports.

Several other equities analysts also recently issued reports on TEAM. Mizuho cut their price target on shares of Atlassian from $185.00 to $145.00 and set an "outperform" rating for the company in a report on Tuesday, April 14th. KeyCorp decreased their price objective on shares of Atlassian from $170.00 to $130.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Morgan Stanley dropped their price objective on shares of Atlassian from $290.00 to $120.00 and set an "overweight" rating for the company in a report on Thursday, April 16th. BNP Paribas Exane assumed coverage on shares of Atlassian in a research note on Monday, March 16th. They issued an "outperform" rating and a $95.00 target price for the company. Finally, Robert W. Baird set a $120.00 target price on Atlassian in a report on Friday, May 1st. Twenty-one research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $145.26.

Atlassian Price Performance

NASDAQ:TEAM traded up $5.67 during trading hours on Wednesday, reaching $83.46. The company had a trading volume of 438,478 shares, compared to its average volume of 6,715,117. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock has a 50-day moving average of $85.67 and a two-hundred day moving average of $98.12. Atlassian has a one year low of $56.01 and a one year high of $222.59. The firm has a market capitalization of $21.18 billion, a PE ratio of -100.23, a PEG ratio of 4.49 and a beta of 1.07.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same period last year, the business earned $0.97 earnings per share. The business's revenue was up 31.7% on a year-over-year basis. Analysts forecast that Atlassian will post 0.81 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction dated 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 in the company, valued at approximately $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the sale, the executive 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 SEC filing for this sale provides additional information. Insiders sold a total of 20,041 shares of company stock valued at $1,801,069 in the last three months. 36.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in TEAM. MV Capital Management Inc. bought a new position in Atlassian during the 4th quarter worth about $25,000. Western Wealth Management LLC acquired a new position in Atlassian during the 1st quarter worth approximately $30,000. State of Wyoming grew its stake in shares of Atlassian by 65.7% during the 1st quarter. State of Wyoming now owns 449 shares of the technology company's stock worth $31,000 after acquiring an additional 178 shares in the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of Atlassian in the fourth quarter valued at approximately $32,000. Finally, Basepoint Wealth LLC bought a new stake in shares of Atlassian in the fourth quarter worth $32,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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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