Atlassian (NASDAQ:TEAM) Upgraded by Cantor Fitzgerald to Overweight Rating

Cantor Fitzgerald upgraded shares of Atlassian (NASDAQ:TEAM) from a neutral rating to an overweight rating in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $272.00 price objective on the technology company’s stock, down from their previous price objective of $304.00.

A number of other equities research analysts also recently issued reports on TEAM. UBS Group reduced their price target on shares of Atlassian from $330.00 to $230.00 and set a “neutral” rating on the stock in a research note on Tuesday. Macquarie upped their price target on Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Wells Fargo & Company lifted their price objective on Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. The Goldman Sachs Group increased their target price on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Finally, Oppenheimer lifted their target price on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. Nine analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $308.73.

Atlassian Trading Up 3.5 %

TEAM opened at $223.96 on Wednesday. The stock has a market capitalization of $58.68 billion, a PE ratio of -167.13 and a beta of 1.07. Atlassian has a one year low of $135.29 and a one year high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The business’s 50 day moving average price is $266.94 and its 200 day moving average price is $239.70.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, equities research analysts expect that Atlassian will post -0.34 EPS for the current year.

Insider Buying and Selling at Atlassian

In related news, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the transaction, the president now owns 210,471 shares in the company, valued at $54,690,889.35. This trade represents a 0.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $254.95, for a total value of $2,026,342.60. Following the completion of the sale, the chief executive officer now owns 460,984 shares of the company’s stock, valued at approximately $117,527,870.80. This represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock worth $70,144,394 over the last three months. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently modified their holdings of the business. Murphy & Mullick Capital Management Corp purchased a new position in Atlassian during the 4th quarter worth $27,000. Colonial Trust Co SC boosted its stake in shares of Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after buying an additional 69 shares during the period. Summit Securities Group LLC purchased a new position in shares of Atlassian during the fourth quarter worth about $38,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Atlassian in the 4th quarter valued at about $39,000. Finally, Avion Wealth raised its stake in Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after acquiring an additional 157 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.