Atlassian (NASDAQ:TEAM) Now Covered by Analysts at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Atlassian (NASDAQ:TEAM) in a research note released on Friday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $264.00 price objective on the technology company’s stock.

A number of other analysts have also commented on the stock. Mizuho boosted their price target on shares of Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Scotiabank upped their target price on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. Morgan Stanley raised their price target on shares of Atlassian from $259.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday. Wells Fargo & Company boosted their price objective on Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and raised their target price for the company from $255.00 to $292.00 in a report on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $272.00.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $252.36 on Friday. The firm’s 50-day moving average price is $256.36 and its 200-day moving average price is $201.95. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the business earned ($0.07) EPS. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. On average, equities research analysts expect that Atlassian will post -0.55 EPS for the current year.

Insiders Place Their Bets

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $253.01, for a total transaction of $2,010,923.48. Following the completion of the transaction, the director now owns 389,452 shares in the company, valued at $98,535,250.52. This trade represents a 2.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now directly owns 210,471 shares in the company, valued at approximately $54,690,889.35. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 280,136 shares of company stock valued at $67,814,587 over the last ninety days. 38.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. purchased a new stake in Atlassian during the 2nd quarter worth about $444,000. Dimensional Fund Advisors LP increased its position in shares of Atlassian by 4.1% during the second quarter. Dimensional Fund Advisors LP now owns 150,393 shares of the technology company’s stock valued at $26,597,000 after buying an additional 5,878 shares during the period. Amalgamated Bank lifted its holdings in shares of Atlassian by 3.5% in the second quarter. Amalgamated Bank now owns 10,608 shares of the technology company’s stock worth $1,876,000 after buying an additional 363 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Atlassian by 4.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,389 shares of the technology company’s stock valued at $1,830,000 after acquiring an additional 440 shares during the period. Finally, Elo Mutual Pension Insurance Co grew its stake in Atlassian by 1.9% during the second quarter. Elo Mutual Pension Insurance Co now owns 14,439 shares of the technology company’s stock valued at $2,554,000 after acquiring an additional 275 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

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.