Atlassian (NASDAQ:TEAM) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a research note issued to investors on Sunday,Wall Street Zen reports.

A number of other research firms have also weighed in on TEAM. FBN Securities reissued an “outperform” rating and issued a $170.00 target price on shares of Atlassian in a research note on Monday, August 10th. Bank of America lifted their price target on Atlassian from $175.00 to $210.00 and gave the stock a “buy” rating in a research note on Monday, August 31st. Truist Financial boosted their price objective on Atlassian from $160.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 20th. Jefferies Financial Group restated a “buy” rating and issued a $200.00 target price on shares of Atlassian in a report on Friday, August 7th. Finally, Citizens Jmp reaffirmed a “market perform” rating on shares of Atlassian in a research note on Wednesday, July 1st. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $183.81.

Atlassian Stock Performance

Shares of TEAM opened at $179.70 on Friday. The firm has a market cap of $45.60 billion, a price-to-earnings ratio of -945.79, a PEG ratio of 14.12 and a beta of 1.15. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. Atlassian has a fifty-two week low of $56.01 and a fifty-two week high of $198.60. The firm has a 50 day moving average price of $135.92 and a 200-day moving average price of $99.29.

Atlassian (NASDAQ:TEAM) last released its earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.50 by $0.37. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.98 EPS. As a group, equities research analysts forecast that Atlassian will post 0.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Gene Liu sold 939 shares of Atlassian stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $190.00, for a total value of $178,410.00. Following the sale, the chief accounting officer directly owned 55,868 shares in the company, valued at approximately $10,614,920. This trade represents a 1.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Brian Duffy sold 1,851 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the transaction, the executive directly owned 218,223 shares in the company, valued at $37,632,556.35. This trade represents a 0.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 22,138 shares of company stock worth $3,751,873. 36.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors and hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC lifted its holdings in Atlassian by 71.6% in the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock worth $1,153,000 after buying an additional 2,267 shares during the period. Empowered Funds LLC grew its holdings in shares of Atlassian by 39.5% during the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after acquiring an additional 1,328 shares during the period. Focus Partners Wealth grew its holdings in shares of Atlassian by 32.6% during the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after acquiring an additional 1,014 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after acquiring an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC raised its position in shares of Atlassian by 27.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock worth $380,000 after acquiring an additional 404 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.