Atlassian (NASDAQ:TEAM) Coverage Initiated at Macquarie

Stock analysts at Macquarie assumed coverage on shares of Atlassian (NASDAQ:TEAM) in a report released on Thursday, Marketbeat reports. The firm set a “neutral” rating and a $290.00 price target on the technology company’s stock. Macquarie’s price target suggests a potential upside of 4.07% from the company’s current price.

Several other equities analysts have also recently commented on TEAM. Truist Financial increased their price target on shares of Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Wells Fargo & Company raised their target price on shares of Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Scotiabank raised their target price on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. BMO Capital Markets raised their target price on shares of Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a report on Friday, November 1st. Finally, Oppenheimer raised their target price on shares of Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $256.50.

Atlassian Stock Down 0.2 %

Shares of Atlassian stock opened at $278.65 on Thursday. The business has a 50-day moving average of $226.93 and a 200-day moving average of $185.86. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market capitalization of $72.57 billion, a PE ratio of -183.32 and a beta of 0.80. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company’s revenue was up 21.5% on a year-over-year basis. During the same period last year, the firm earned ($0.07) earnings per share. As a group, equities analysts forecast that Atlassian will post -0.54 EPS for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $278.20, for a total value of $2,211,133.60. Following the transaction, the chief executive officer now directly owns 95,376 shares in the company, valued at $26,533,603.20. The trade was a 7.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the transaction, the president now owns 143,966 shares in the company, valued at approximately $23,482,294.26. This trade represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 276,590 shares of company stock valued at $58,284,749 over the last quarter. 38.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atlassian

Large investors have recently modified their holdings of the stock. Asset Dedication LLC lifted its position in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of Atlassian during the second quarter worth approximately $36,000. GAMMA Investing LLC raised its stake in shares of Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after buying an additional 231 shares during the last quarter. Finally, Reston Wealth Management LLC bought a new stake in shares of Atlassian during the third quarter worth approximately $48,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Company Profile

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.