Atlassian (NASDAQ:TEAM) Rating Increased to Overweight at Piper Sandler

Atlassian (NASDAQ:TEAM) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $225.00 target price on the technology company’s stock, up from their previous target price of $200.00. Piper Sandler’s price objective points to a potential upside of 23.45% from the company’s current price.

A number of other research analysts have also recently weighed in on TEAM. Wells Fargo & Company dropped their target price on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a research note on Friday, June 21st. TD Cowen dropped their price target on shares of Atlassian from $220.00 to $210.00 and set a “hold” rating on the stock in a research note on Friday, April 26th. Truist Financial dropped their price target on shares of Atlassian from $220.00 to $200.00 and set a “hold” rating on the stock in a research note on Friday, April 26th. Barclays upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $235.00 to $275.00 in a research note on Thursday, April 11th. Finally, Canaccord Genuity Group dropped their price target on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, April 26th. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $226.94.

Atlassian Stock Down 0.0 %

Atlassian stock opened at $182.26 on Tuesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market cap of $47.44 billion, a PE ratio of -289.30 and a beta of 0.74. Atlassian has a fifty-two week low of $152.34 and a fifty-two week high of $258.69. The firm’s 50-day simple moving average is $171.25 and its 200 day simple moving average is $200.67.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. The company’s quarterly revenue was up 29.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.40) earnings per share. Research analysts predict that Atlassian will post -0.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $182.62, for a total value of $1,451,463.76. Following the transaction, the chief executive officer now owns 484,828 shares of the company’s stock, valued at approximately $88,539,289.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $182.62, for a total value of $1,451,463.76. Following the transaction, the chief executive officer now owns 484,828 shares of the company’s stock, valued at approximately $88,539,289.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction on Friday, April 19th. The stock was sold at an average price of $193.63, for a total transaction of $147,158.80. Following the completion of the transaction, the president now directly owns 162,610 shares in the company, valued at approximately $31,486,174.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 287,802 shares of company stock valued at $51,411,378. Company insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently made changes to their positions in TEAM. Hollencrest Capital Management grew its holdings in shares of Atlassian by 383.9% during the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after purchasing an additional 119 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of Atlassian during the 1st quarter valued at $40,000. Crewe Advisors LLC bought a new position in shares of Atlassian during the 1st quarter valued at $43,000. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Atlassian by 271.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after purchasing an additional 271 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Atlassian by 255.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock valued at $96,000 after purchasing an additional 291 shares during the last quarter. Institutional investors own 93.03% of the company’s stock.

About Atlassian

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.