Atlassian (NASDAQ:TEAM) Hits New 12-Month High Following Analyst Upgrade

Shares of Atlassian Co. (NASDAQ:TEAM) hit a new 52-week high during trading on Friday after Morgan Stanley raised their price target on the stock from $315.00 to $370.00. Morgan Stanley currently has an overweight rating on the stock. Atlassian traded as high as $324.37 and last traded at $314.66, with a volume of 2005053 shares traded. The stock had previously closed at $266.95.

A number of other equities analysts have also recently weighed in on the company. Piper Sandler increased their price target on Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. UBS Group raised their price objective on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Raymond James raised their price target on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Wells Fargo & Company upped their price objective on Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Truist Financial raised Atlassian from a “hold” rating to a “buy” rating and raised their target price for the stock from $250.00 to $300.00 in a research report on Tuesday, January 7th. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $279.14.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 135,116 shares of the company’s stock, valued at approximately $37,668,989.64. This trade represents a 5.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 1,659 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total transaction of $407,798.79. Following the sale, the president now owns 213,511 shares in the company, valued at $52,483,138.91. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 257,156 shares of company stock worth $65,313,573 in the last ninety days. 38.55% of the stock is owned by insiders.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently modified their holdings of TEAM. GAMMA Investing LLC increased its holdings in shares of Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after buying an additional 96 shares in the last quarter. True Wealth Design LLC boosted its position in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after purchasing an additional 231 shares during the last quarter. Avion Wealth boosted its stake in shares of Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after acquiring an additional 157 shares in the last quarter. Reston Wealth Management LLC acquired a new position in Atlassian in the 3rd quarter valued at $48,000. Finally, Quarry LP boosted its holdings in Atlassian by 143.8% during the second quarter. Quarry LP now owns 373 shares of the technology company’s stock valued at $66,000 after acquiring an additional 220 shares during the period. Institutional investors own 94.45% of the company’s stock.

Atlassian Trading Up 17.4 %

The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $81.65 billion, a price-to-earnings ratio of -206.53 and a beta of 0.83. The company has a 50-day moving average price of $259.32 and a 200-day moving average price of $206.76.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Research analysts predict that Atlassian Co. will post -0.55 EPS for the current fiscal year.

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.