Atlassian (NASDAQ:TEAM) Raised to Hold at Cantor Fitzgerald

Atlassian (NASDAQ:TEAM) was upgraded by equities research analysts at Cantor Fitzgerald to a “hold” rating in a note issued to investors on Thursday, Marketbeat.com reports. The brokerage presently has a $264.00 price objective on the technology company’s stock. Cantor Fitzgerald’s target price would indicate a potential upside of 4.61% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Oppenheimer increased their price target on Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Raymond James increased their target price on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Robert W. Baird boosted their price target on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Jefferies Financial Group increased their price objective on shares of Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Truist Financial raised shares of Atlassian from a “hold” rating to a “buy” rating and boosted their target price for the stock from $250.00 to $300.00 in a research note on Tuesday, January 7th. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $272.00.

Atlassian Trading Down 0.7 %

Atlassian stock opened at $252.36 on Thursday. The firm has a market cap of $65.72 billion, a PE ratio of -166.03 and a beta of 0.83. Atlassian has a 12 month low of $135.29 and a 12 month high of $287.97. The stock’s 50 day simple moving average is $256.36 and its two-hundred day simple moving average 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 (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm’s revenue was up 21.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.07) earnings per share. Analysts anticipate that Atlassian will post -0.55 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $188.56, for a total value of $1,498,674.88. Following the sale, the chief executive officer now directly owns 373,556 shares in the company, valued at approximately $70,437,719.36. The trade was a 2.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total transaction of $825,000.00. Following the transaction, the director now directly owns 5,610 shares of the company’s stock, valued at approximately $1,542,750. This trade represents a 34.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 280,136 shares of company stock valued at $67,814,587 over the last ninety days. Company insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of TEAM. Federated Hermes Inc. acquired a new stake in shares of Atlassian during the second quarter worth about $444,000. Dimensional Fund Advisors LP boosted its stake in shares of Atlassian by 4.1% in the 2nd 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 grew its holdings in Atlassian by 3.5% during the 2nd quarter. Amalgamated Bank now owns 10,608 shares of the technology company’s stock worth $1,876,000 after acquiring an additional 363 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in 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 buying an additional 440 shares in the last quarter. Finally, Hsbc Holdings PLC raised its holdings in Atlassian by 9.7% during the second quarter. Hsbc Holdings PLC now owns 143,272 shares of the technology company’s stock worth $25,284,000 after purchasing an additional 12,675 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.