Wall Street Zen Upgrades Atlassian (NASDAQ:TEAM) to “Buy”

Atlassian (NASDAQ:TEAM) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

A number of other research firms have also issued reports on TEAM. Oppenheimer dropped their target price on shares of Atlassian from $275.00 to $150.00 and set an “outperform” rating for the company in a report on Friday, February 6th. TD Cowen lowered their price target on shares of Atlassian from $205.00 to $175.00 and set a “hold” rating on the stock in a research report on Tuesday, January 20th. Barclays dropped their price objective on shares of Atlassian from $215.00 to $165.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Canaccord Genuity Group set a $185.00 price objective on shares of Atlassian in a report on Friday, February 6th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research note on Wednesday, January 21st. Twenty-two research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $180.48.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $68.17 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89. The business’s 50 day moving average price is $93.43 and its 200-day moving average price is $135.81. The firm has a market capitalization of $17.98 billion, a PE ratio of -94.68 and a beta of 0.94. Atlassian has a 1 year low of $67.33 and a 1 year high of $242.00.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.12 by $0.10. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.96 earnings per share. As a group, equities research analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CTO Rajeev Bashyam Rajan sold 3,072 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $249,907.20. Following the completion of the sale, the chief technology officer directly owned 212,916 shares in the company, valued at approximately $17,320,716.60. This trade represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Brian Duffy sold 1,222 shares of Atlassian stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $99,409.70. Following the transaction, the executive directly owned 124,332 shares in the company, valued at $10,114,408.20. This trade represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 281,953 shares of company stock valued at $38,201,571 in the last three months. 36.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

Several institutional investors have recently made changes to their positions in TEAM. MV Capital Management Inc. acquired a new stake in Atlassian during the fourth quarter worth $25,000. Physician Wealth Advisors Inc. lifted its stake in shares of Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after purchasing an additional 61 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after purchasing an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp grew its holdings in shares of Atlassian by 19,900.0% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after purchasing an additional 199 shares during the period. Finally, Board of the Pension Protection Fund acquired a new stake in shares of Atlassian during the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.