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

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

Several other analysts also recently issued reports on TEAM. Wells Fargo & Company lifted their target price on Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. 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 research report on Friday, November 1st. UBS Group lifted their price target on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $255.00 to $292.00 in a report on Friday, January 10th. Finally, KeyCorp lifted their target price on Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and a consensus target price of $272.00.

Atlassian Stock Performance

Shares of TEAM opened at $252.36 on Thursday. The business has a 50-day simple moving average of $256.36 and a two-hundred day simple moving average of $201.95. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a 52 week low of $135.29 and a 52 week high of $287.97. The stock has a market cap of $65.72 billion, a price-to-earnings ratio of -166.03 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the business earned ($0.07) EPS. On average, analysts expect that Atlassian will post -0.55 EPS for the current year.

Insider Activity

In related news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction dated 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 owns 210,471 shares in the company, valued at $54,690,889.35. This trade represents a 0.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $278.79, for a total transaction of $2,215,822.92. Following the completion of the transaction, the chief executive officer now owns 135,116 shares in the company, valued at $37,668,989.64. This represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 280,136 shares of company stock valued at $67,814,587. 38.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares during the period. True Wealth Design LLC raised its holdings in shares of Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares in the last quarter. Reston Wealth Management LLC purchased a new stake in Atlassian in the third quarter worth about $48,000. Quarry LP grew its holdings in Atlassian by 143.8% during the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after acquiring an additional 220 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in Atlassian by 23.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock valued at $69,000 after purchasing an additional 82 shares during the period. Institutional investors own 94.45% 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.