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

Atlassian (NASDAQ:TEAM) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Friday.

Other equities analysts have also recently issued reports about the stock. Canaccord Genuity Group dropped their target price on shares of Atlassian from $300.00 to $255.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a report on Friday, January 31st. Raymond James reaffirmed an “outperform” rating and set a $300.00 price target (down from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Jefferies Financial Group decreased their price target on shares of Atlassian from $330.00 to $262.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Finally, Oppenheimer lifted their price target on shares of Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Four research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $285.29.

Atlassian Trading Up 1.2%

NASDAQ TEAM opened at $206.31 on Friday. The firm has a market cap of $54.16 billion, a P/E ratio of -153.96 and a beta of 1.06. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock’s 50-day moving average is $210.57 and its 200-day moving average is $245.81. Atlassian has a one year low of $135.29 and a one year high of $326.00.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period last year, the company earned $0.89 earnings per share. Atlassian’s quarterly revenue was up 14.1% on a year-over-year basis. Sell-side analysts anticipate that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Gene Liu sold 541 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total value of $122,000.91. Following the completion of the transaction, the chief accounting officer now directly owns 51,481 shares in the company, valued at approximately $11,609,480.31. This trade represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $259.69, for a total transaction of $2,064,016.12. Following the completion of the sale, the chief executive officer now directly owns 135,116 shares in the company, valued at $35,088,274.04. This represents a 5.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 310,899 shares of company stock worth $66,859,457 over the last quarter. Insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA bought a new stake in shares of Atlassian in the 4th quarter worth approximately $687,486,000. Voya Investment Management LLC lifted its holdings in shares of Atlassian by 17,941.0% in the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock worth $528,693,000 after acquiring an additional 2,160,810 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after acquiring an additional 1,777,179 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Atlassian in the 1st quarter worth approximately $327,665,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

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.