Royal Bank Of Canada Upgrades Atlassian (NASDAQ:TEAM) to Moderate Buy

Atlassian (NASDAQ:TEAM) was upgraded by equities research analysts at Royal Bank Of Canada to a “moderate buy” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other research firms also recently commented on TEAM. Zacks Research downgraded Atlassian from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Truist Financial boosted their target price on shares of Atlassian from $160.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. TD Cowen increased their price target on shares of Atlassian from $105.00 to $145.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. Robert W. Baird set a $200.00 price target on shares of Atlassian in a report on Friday, August 7th. Finally, BMO Capital Markets lifted their price objective on shares of Atlassian from $95.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $178.63.

Atlassian Trading Up 1.2%

NASDAQ:TEAM opened at $168.47 on Tuesday. The stock’s 50-day moving average is $110.69 and its two-hundred day moving average is $90.71. Atlassian has a fifty-two week low of $56.01 and a fifty-two week high of $184.00. The stock has a market cap of $42.75 billion, a PE ratio of -886.68, a price-to-earnings-growth ratio of 13.08 and a beta of 1.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78.

Atlassian (NASDAQ:TEAM) last released its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.37. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The company’s revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior 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 fiscal year.

Insider Buying and Selling at Atlassian

In related news, CRO Brian Duffy sold 7,617 shares of Atlassian stock in a transaction on Friday, August 14th. The shares were sold at an average price of $163.00, for a total value of $1,241,571.00. Following the transaction, the executive owned 220,074 shares in the company, valued at $35,872,062. This trade represents a 3.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the firm’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 $1,561,362.30. Following the completion of the sale, the chief financial officer directly owned 279,218 shares in the company, valued at $48,151,144.10. This trade represents a 3.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 30,349 shares of company stock worth $4,418,849 over the last 90 days. Insiders own 36.66% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently modified their holdings of TEAM. California State Teachers Retirement System increased its stake in Atlassian by 7,498.4% during the second quarter. California State Teachers Retirement System now owns 17,767,858 shares of the technology company’s stock valued at $1,382,162,000 after acquiring an additional 17,534,021 shares during the period. AQR Capital Management LLC lifted its position in shares of Atlassian by 291.4% in the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after acquiring an additional 5,769,788 shares during the period. Norges Bank bought a new stake in shares of Atlassian in the 4th quarter worth approximately $323,526,000. Morgan Stanley grew its holdings in shares of Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after purchasing an additional 1,657,309 shares in the last quarter. Finally, Carmignac Gestion increased its position in shares of Atlassian by 115.8% during the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after purchasing an additional 1,397,402 shares during the period. 94.45% of the stock is owned by institutional investors.

About Atlassian

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.