Atlassian (NASDAQ:TEAM) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a research note published on Saturday morning.

A number of other equities analysts have also recently issued reports on TEAM. Wells Fargo & Company reduced their price objective on shares of Atlassian from $216.00 to $155.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. UBS Group reiterated a “neutral” rating and set a $105.00 target price on shares of Atlassian in a research report on Friday, February 6th. BTIG Research reduced their price target on Atlassian from $220.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Zacks Research cut Atlassian from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 11th. Finally, Barclays dropped their price objective on Atlassian from $215.00 to $165.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Twenty equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $189.32.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $83.62 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62. Atlassian has a 1-year low of $67.85 and a 1-year high of $251.00. The stock has a market capitalization of $22.05 billion, a P/E ratio of -116.14, a P/E/G ratio of 331.24 and a beta of 0.94. The business has a 50-day moving average price of $112.62 and a two-hundred day moving average price of $144.11.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.10. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.96 EPS. Equities analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $161.79, for a total transaction of $1,240,120.35. Following the completion of the transaction, the chief executive officer owned 107,310 shares of the company’s stock, valued at $17,361,684.90. This represents a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $161.79, for a total transaction of $1,240,120.35. Following the transaction, the director directly owned 99,645 shares of the company’s stock, valued at $16,121,564.55. This represents a 7.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 389,791 shares of company stock valued at $55,616,361. 36.66% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Reflection Asset Management bought a new position in Atlassian in the fourth quarter valued at $44,000. Wick Capital Partners LLC acquired a new stake in Atlassian in the 4th quarter valued at $539,000. Kera Capital Partners Inc. bought a new stake in Atlassian during the 4th quarter worth about $734,000. MV Capital Management Inc. acquired a new position in shares of Atlassian during the 4th quarter worth about $25,000. Finally, Kovitz Investment Group Partners LLC boosted its stake in shares of Atlassian by 4.6% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 7,300 shares of the technology company’s stock worth $1,184,000 after buying an additional 318 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.