StockNews.com Upgrades Atlassian (NASDAQ:TEAM) to Buy

StockNews.com upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a report released on Wednesday morning.

TEAM has been the topic of several other reports. Canaccord Genuity Group raised their price objective on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Piper Sandler lifted their price target on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. UBS Group lifted their price target on shares of Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Scotiabank lifted their price target on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday, January 31st. Finally, KeyCorp lifted their price target on shares of Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Stock Up 1.0 %

Shares of TEAM stock opened at $226.44 on Wednesday. The company has a market capitalization of $59.33 billion, a price-to-earnings ratio of -168.98 and a beta of 0.91. Atlassian has a one year low of $135.29 and a one year high of $326.00. The company’s fifty day moving average price is $274.77 and its 200-day moving average price is $233.52. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Sell-side analysts expect that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 1,723 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total value of $526,962.32. Following the completion of the sale, the president now directly owns 199,934 shares of the company’s stock, valued at $61,147,814.56. The trade was a 0.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $218.05, for a total transaction of $1,733,061.40. Following the completion of the sale, the director now directly owns 119,220 shares of the company’s stock, valued at approximately $25,995,921. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 264,553 shares of company stock valued at $72,358,556. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Large investors have recently added to or reduced their stakes in the stock. Murphy & Mullick Capital Management Corp purchased a new stake in Atlassian in the 4th quarter valued at about $27,000. Colonial Trust Co SC raised its holdings in shares of Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after purchasing an additional 69 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of Atlassian in the 4th quarter valued at about $38,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Atlassian in the 4th quarter valued at about $39,000. Finally, Avion Wealth raised its holdings in shares of Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after purchasing an additional 157 shares in the last quarter. 94.45% of the stock is 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.