Atlassian (NASDAQ:TEAM) Upgraded by Barclays to "Overweight"

Atlassian (NASDAQ:TEAM - Get Free Report) was upgraded by investment analysts at Barclays from an "equal weight" rating to an "overweight" rating in a research report issued on Thursday, MarketBeat Ratings reports. The firm currently has a $275.00 price target on the technology company's stock, up from their previous price target of $235.00. Barclays's price target would suggest a potential upside of 28.12% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. KeyCorp assumed coverage on shares of Atlassian in a report on Tuesday, March 19th. They set a "sector weight" rating on the stock. Mizuho lifted their price objective on shares of Atlassian from $240.00 to $265.00 and gave the stock a "buy" rating in a research note on Tuesday, January 16th. UBS Group dropped their price target on Atlassian from $260.00 to $250.00 and set a "neutral" rating on the stock in a research note on Friday, February 2nd. Capital One Financial began coverage on Atlassian in a report on Monday, December 18th. They issued an "equal weight" rating and a $238.00 price objective on the stock. Finally, Citigroup lifted their target price on Atlassian from $215.00 to $280.00 and gave the stock a "buy" rating in a report on Monday, January 22nd. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $226.75.

Atlassian Stock Up 4.8 %

NASDAQ TEAM traded up $9.91 on Thursday, hitting $214.65. The stock had a trading volume of 2,280,887 shares, compared to its average volume of 1,706,013. The business's fifty day moving average price is $204.04 and its 200 day moving average price is $206.58. The stock has a market cap of $55.68 billion, a price-to-earnings ratio of -144.06 and a beta of 0.63. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.07 and a quick ratio of 1.07. Atlassian has a 52-week low of $128.02 and a 52-week high of $258.69.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.24). Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. The business had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.02 billion. Equities research analysts anticipate that Atlassian will post -0.4 earnings per share for the current year.

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm's stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $201.81, for a total value of $1,663,116.21. Following the transaction, the chief executive officer now directly owns 448,860 shares of the company's stock, valued at approximately $90,584,436.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the company's stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $201.81, for a total value of $1,663,116.21. Following the completion of the sale, the chief executive officer now directly owns 448,860 shares in the company, valued at approximately $90,584,436.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Gene Liu sold 227 shares of Atlassian stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total value of $48,321.49. Following the transaction, the chief accounting officer now owns 47,066 shares in the company, valued at approximately $10,018,939.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 301,400 shares of company stock valued at $64,256,539. Corporate insiders own 40.48% of the company's stock.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its position in Atlassian by 26.0% in the first quarter. BlackRock Inc. now owns 7,563,473 shares of the technology company's stock valued at $1,294,640,000 after buying an additional 1,561,804 shares during the last quarter. Baillie Gifford & Co. raised its stake in shares of Atlassian by 20.7% in the 4th quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company's stock valued at $2,094,980,000 after acquiring an additional 1,511,318 shares during the period. Durable Capital Partners LP acquired a new position in shares of Atlassian in the 1st quarter worth approximately $434,144,000. Morgan Stanley boosted its position in shares of Atlassian by 156.8% during the 3rd quarter. Morgan Stanley now owns 1,793,700 shares of the technology company's stock worth $361,449,000 after purchasing an additional 1,095,297 shares during the period. Finally, Norges Bank acquired a new stake in Atlassian in the 4th quarter valued at approximately $138,509,000. Institutional investors and hedge funds own 93.03% of the company's stock.

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.