Atlassian Corporation PLC (NASDAQ:TEAM) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Analyst sentiment is moderately bullish: Atlassian has a “Moderate Buy” consensus from 30 analysts, including 25 buy ratings, with an average 12-month price target of $191.56.
• Recent results exceeded expectations: The company reported quarterly EPS of $1.87 versus the $1.50 consensus estimate and revenue of $1.77 billion, up 27.6% year over year.
• Shares have rallied sharply: TEAM opened at $178.54, near its 52-week high of $200, while institutional investors own 94.45% of the stock. Insiders sold shares recently, primarily to cover tax obligations tied to vested equity awards.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) has earned an average rating of "Moderate Buy" from the thirty ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-five have given a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $191.56.

Several brokerages have recently weighed in on TEAM. Weiss Ratings reiterated a "sell (e+)" rating on shares of Atlassian in a report on Friday, July 17th. Oppenheimer upped their price target on shares of Atlassian from $110.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Guggenheim increased their price target on shares of Atlassian from $115.00 to $165.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Royal Bank Of Canada started coverage on shares of Atlassian in a report on Tuesday, August 25th. They issued an "outperform" rating and a $215.00 price target on the stock. Finally, BTIG Research boosted their price objective on shares of Atlassian from $180.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd.

Insider Activity at Atlassian

In related news, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the transaction, the chief financial officer owned 279,218 shares in the company, valued at approximately $48,151,144.10. This trade represents a 3.14% decrease in their ownership of the stock. The sale was disclosed in a legal 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 7,617 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $163.00, for a total value of $1,241,571.00. Following the sale, the executive directly owned 220,074 shares of the company's stock, valued at approximately $35,872,062. This trade represents a 3.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 22,138 shares of company stock worth $3,751,873. 36.66% of the stock is owned by insiders.

Institutional Trading of Atlassian

A number of institutional investors and hedge funds have recently bought and sold shares of TEAM. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Atlassian by 69.4% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company's stock valued at $4,232,000 after acquiring an additional 25,400 shares in the last quarter. Fluent Financial LLC purchased a new position in shares of Atlassian in the second quarter valued at $2,239,000. Arizona State Retirement System boosted its stake in shares of Atlassian by 6.5% in the second quarter. Arizona State Retirement System now owns 48,629 shares of the technology company's stock valued at $3,783,000 after purchasing an additional 2,969 shares during the period. National Pension Service grew its holdings in Atlassian by 15.5% during the 4th quarter. National Pension Service now owns 280,720 shares of the technology company's stock valued at $45,516,000 after purchasing an additional 37,607 shares in the last quarter. Finally, Nykredit A S purchased a new stake in Atlassian during the 2nd quarter worth $5,997,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $178.54 on Tuesday. The company has a market cap of $45.31 billion, a P/E ratio of -939.68, a P/E/G ratio of 14.75 and a beta of 1.15. The business has a fifty day simple moving average of $157.87 and a 200-day simple moving average of $108.04. Atlassian has a 52 week low of $56.01 and a 52 week high of $200.00. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.37. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 earnings per share. Equities research analysts forecast that Atlassian will post 0.94 EPS for the current year.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.

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