Atlassian Corporation PLC (NASDAQ:TEAM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Atlassian Corporation PLC (NASDAQ:TEAM) has earned an average recommendation of “Moderate Buy” from the twenty-eight brokerages that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $145.6296.

A number of brokerages have recently weighed in on TEAM. Wolfe Research restated an “outperform” rating and issued a $100.00 price objective on shares of Atlassian in a report on Thursday, March 12th. Wells Fargo & Company lowered their price target on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a report on Tuesday, March 17th. Robert W. Baird set a $120.00 price target on shares of Atlassian in a report on Friday, May 1st. Truist Financial upped their price target on shares of Atlassian from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 1st. Finally, Wall Street Zen lowered shares of Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday.

Atlassian Stock Performance

Shares of Atlassian stock opened at $107.61 on Wednesday. The firm has a market cap of $27.31 billion, a PE ratio of -129.65, a PEG ratio of 6.10 and a beta of 1.07. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. Atlassian has a 1 year low of $56.01 and a 1 year high of $222.59. The company has a 50 day simple moving average of $75.55 and a two-hundred day simple moving average of $107.83.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The business’s quarterly revenue was up 31.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.97 EPS. Analysts expect that Atlassian will post 0.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CRO Brian Duffy sold 1,986 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $174,271.50. Following the transaction, the executive directly owned 236,841 shares of the company’s stock, valued at approximately $20,782,797.75. The trade was a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 10,891 shares of company stock worth $955,683. Insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Atlassian by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock worth $3,006,281,000 after purchasing an additional 61,706 shares during the period. Baillie Gifford & Co. increased its holdings in Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after acquiring an additional 316,276 shares in the last quarter. AQR Capital Management LLC increased its holdings in 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 in the last quarter. Pictet Asset Management Holding SA increased its holdings in Atlassian by 27.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock worth $343,344,000 after acquiring an additional 1,080,561 shares in the last quarter. Finally, Morgan Stanley increased its holdings in Atlassian by 52.4% in the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after acquiring an additional 1,657,309 shares in the last quarter. Institutional investors 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.