Atlassian (NASDAQ:TEAM) Upgraded at Raymond James

Raymond James upgraded shares of Atlassian (NASDAQ:TEAM) from a market perform rating to an outperform rating in a research report released on Tuesday, MarketBeat reports. Raymond James currently has $200.00 price target on the technology company’s stock.

A number of other equities research analysts also recently weighed in on the company. Barclays dropped their price objective on Atlassian from $275.00 to $250.00 and set an overweight rating on the stock in a research report on Monday, August 5th. Scotiabank lowered their price target on shares of Atlassian from $210.00 to $175.00 and set a sector perform rating on the stock in a report on Friday, August 2nd. BMO Capital Markets reduced their price objective on shares of Atlassian from $220.00 to $177.00 and set a market perform rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company lowered their target price on shares of Atlassian from $285.00 to $250.00 and set an overweight rating for the company in a research note on Friday, June 21st. Finally, The Goldman Sachs Group raised Atlassian from a neutral rating to a buy rating and upped their price target for the stock from $200.00 to $230.00 in a research report on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $216.65.

Atlassian Price Performance

TEAM opened at $160.44 on Tuesday. The company has a market capitalization of $41.72 billion, a price-to-earnings ratio of -254.67 and a beta of 0.73. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. Atlassian has a 12-month low of $135.29 and a 12-month high of $258.69. The business’s fifty day simple moving average is $159.20 and its 200-day simple moving average is $172.81.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the business earned ($0.21) EPS. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. On average, equities research analysts anticipate that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $182.56, for a total transaction of $1,450,986.88. Following the completion of the transaction, the chief executive officer now directly owns 468,932 shares of the company’s stock, valued at approximately $85,608,225.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $182.56, for a total transaction of $1,450,986.88. Following the sale, the chief executive officer now directly owns 468,932 shares of the company’s stock, valued at approximately $85,608,225.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $175.00, for a total value of $133,000.00. Following the transaction, the president now owns 152,534 shares of the company’s stock, valued at approximately $26,693,450. The disclosure for this sale can be found here. Insiders have sold a total of 224,263 shares of company stock worth $37,043,467 over the last quarter. Insiders own 40.48% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently bought and sold shares of TEAM. Hollencrest Capital Management increased 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 in the last quarter. Asset Dedication LLC raised its position in shares of Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after acquiring an additional 108 shares during the period. Trust Co. of Vermont raised its position in shares of Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after acquiring an additional 174 shares during the period. Rothschild Investment LLC purchased a new stake in shares of Atlassian during the 2nd quarter worth about $36,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Atlassian during the 1st quarter valued at about $40,000. Hedge funds and other 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.