Atlassian (NASDAQ:TEAM) Upgraded by BMO Capital Markets to “Outperform” Rating

BMO Capital Markets upgraded shares of Atlassian (NASDAQ:TEAM) from a market perform rating to an outperform rating in a report issued on Friday, MarketBeat Ratings reports. They currently have $292.00 price objective on the technology company’s stock, up from their previous price objective of $255.00.

A number of other brokerages have also recently commented on TEAM. Piper Sandler boosted their target price on shares of Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, January 6th. KeyCorp boosted their price objective on shares of Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Mizuho raised their target price on shares of Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Jefferies Financial Group boosted their price target on Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Macquarie started coverage on Atlassian in a research report on Thursday, December 12th. They set a “neutral” rating and a $290.00 price objective for the company. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and an average price target of $266.10.

Atlassian Trading Down 0.9 %

NASDAQ:TEAM opened at $242.39 on Friday. The company has a 50-day moving average price of $254.33 and a 200-day moving average price of $199.37. The stock has a market cap of $63.13 billion, a price-to-earnings ratio of -159.47 and a beta of 0.83. 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 has a 12 month low of $135.29 and a 12 month high of $287.97.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the firm posted ($0.07) EPS. The business’s revenue was up 21.5% on a year-over-year basis. Equities analysts predict that Atlassian will post -0.54 EPS for the current year.

Insiders Place Their Bets

In related news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $188.79, for a total transaction of $143,480.40. Following the completion of the transaction, the president now directly owns 228,996 shares in the company, valued at approximately $43,232,154.84. The trade was a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 135,116 shares in the company, valued at approximately $37,668,989.64. The trade was a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 263,480 shares of company stock worth $62,377,979 over the last quarter. 38.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

A number of institutional investors have recently bought and sold shares of the business. National Bank of Canada FI boosted its stake in shares of Atlassian by 21.6% in the second quarter. National Bank of Canada FI now owns 1,156 shares of the technology company’s stock worth $206,000 after acquiring an additional 205 shares during the period. Quest Partners LLC grew its holdings in Atlassian by 33.3% during the 2nd quarter. Quest Partners LLC now owns 1,805 shares of the technology company’s stock valued at $319,000 after buying an additional 451 shares in the last quarter. Daiwa Securities Group Inc. raised its position in shares of Atlassian by 14.2% during the second quarter. Daiwa Securities Group Inc. now owns 22,318 shares of the technology company’s stock valued at $3,948,000 after buying an additional 2,774 shares during the last quarter. Achmea Investment Management B.V. lifted its holdings in shares of Atlassian by 4.6% in the second quarter. Achmea Investment Management B.V. now owns 26,640 shares of the technology company’s stock worth $4,712,000 after buying an additional 1,162 shares in the last quarter. Finally, BOKF NA boosted its position in shares of Atlassian by 17.9% during the second quarter. BOKF NA now owns 8,305 shares of the technology company’s stock worth $1,469,000 after acquiring an additional 1,258 shares during the last quarter. Hedge funds and other 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.