Wall Street Zen Upgrades Atlassian (NASDAQ:TEAM) to "Buy"

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 research note issued on Sunday.

TEAM has been the topic of several other research reports. Truist Financial cut their price objective on Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Canaccord Genuity Group cut their price objective on Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Raymond James Financial reaffirmed an "outperform" rating and issued a $300.00 price objective (down previously from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Finally, Jefferies Financial Group cut their price objective on Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Four research 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 MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $282.19.

Atlassian Stock Down 3.4%

TEAM stock opened at $189.53 on Friday. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The business's 50 day moving average price is $210.32 and its two-hundred day moving average price is $240.23. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market capitalization of $49.75 billion, a price-to-earnings ratio of -114.17 and a beta of 0.96.

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 the consensus estimate of $0.93 by $0.04. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The company's revenue was up 14.1% compared to the same quarter last year. During the same period last year, the business posted $0.89 EPS. As a group, analysts forecast that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $234.38, for a total transaction of $1,862,852.24. Following the transaction, the director now owns 39,740 shares in the company, valued at approximately $9,314,261.20. This represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $196.44, for a total value of $1,505,712.60. Following the transaction, the chief executive officer now owns 53,655 shares in the company, valued at $10,539,988.20. This represents a 12.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 366,523 shares of company stock worth $77,393,768. 38.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA purchased a new position in shares of Atlassian in the fourth quarter valued at approximately $687,486,000. Voya Investment Management LLC lifted its position in shares of Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after acquiring an additional 2,160,810 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after acquiring an additional 1,806,042 shares in the last quarter. Invesco Ltd. lifted its position 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 valued at $595,171,000 after acquiring an additional 1,777,179 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of Atlassian in the first quarter valued at approximately $327,665,000. Hedge funds and other institutional investors 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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