Atlassian (NASDAQ:TEAM) Earns Buy Rating from BTIG Research

Atlassian (NASDAQ:TEAM)‘s stock had its “buy” rating reaffirmed by BTIG Research in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $220.00 price objective on the technology company’s stock. BTIG Research’s price objective would indicate a potential upside of 50.23% from the company’s current price.

Several other research firms have also weighed in on TEAM. Cowen reissued a “hold” rating on shares of Atlassian in a research note on Monday, October 27th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a report on Wednesday, October 8th. Mizuho increased their target price on Atlassian from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Sanford C. Bernstein raised their target price on shares of Atlassian from $290.00 to $304.00 and gave the stock an “outperform” rating in a report on Tuesday, November 18th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $240.00 price target on shares of Atlassian in a research note on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $238.46.

Atlassian Trading Up 0.0%

TEAM stock opened at $146.44 on Tuesday. The company has a market cap of $38.53 billion, a P/E ratio of -206.25, a PEG ratio of 22.67 and a beta of 0.88. Atlassian has a twelve month low of $139.70 and a twelve month high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average of $156.31 and a 200-day moving average of $168.73.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.21. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the firm earned $0.77 EPS. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. As a group, equities research analysts expect that Atlassian will post -0.34 EPS for the current year.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 9,847 shares of the firm’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $152.46, for a total value of $1,501,273.62. Following the completion of the transaction, the president directly owned 242,092 shares of the company’s stock, valued at approximately $36,909,346.32. This trade represents a 3.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $164.50, for a total transaction of $1,260,892.50. Following the transaction, the director owned 352,590 shares in the company, valued at $58,001,055. This represents a 2.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 566,379 shares of company stock valued at $89,234,447. Insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TEAM. Vanguard Group Inc. increased its holdings in Atlassian by 6.0% in the third quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock valued at $2,951,186,000 after purchasing an additional 1,049,483 shares during the period. Artisan Partners Limited Partnership grew its position in shares of Atlassian by 66.3% in the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock valued at $787,610,000 after buying an additional 1,545,546 shares during the last quarter. State Street Corp grew its position in shares of Atlassian by 1.9% in the 3rd quarter. State Street Corp now owns 3,867,995 shares of the technology company’s stock valued at $617,719,000 after buying an additional 73,014 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Atlassian by 18.7% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,867,886 shares of the technology company’s stock worth $458,001,000 after purchasing an additional 451,706 shares during the last quarter. Finally, DNB Asset Management AS lifted its position in shares of Atlassian by 266.6% in the 3rd quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock worth $448,260,000 after purchasing an additional 2,041,210 shares during the period. Institutional investors and hedge funds 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.