Atlassian (NASDAQ:TEAM) Earns Outperform Rating from Analysts at BNP Paribas Exane

BNP Paribas Exane assumed coverage on shares of Atlassian (NASDAQ:TEAM) in a report issued on Monday morning, Marketbeat.com reports. The firm issued an outperform rating and a $95.00 price objective on the technology company’s stock.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company lowered their price objective on shares of Atlassian from $216.00 to $155.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Wolfe Research reissued an “outperform” rating and issued a $100.00 target price on shares of Atlassian in a research report on Thursday, March 12th. Zacks Research lowered Atlassian from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 11th. KeyCorp lowered their price target on Atlassian from $210.00 to $170.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Finally, Jefferies Financial Group set a $150.00 price target on Atlassian in a research note on Friday, February 6th. Twenty-two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell 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 $180.48.

Atlassian Stock Performance

TEAM opened at $73.47 on Monday. The company has a market cap of $19.38 billion, a P/E ratio of -102.04 and a beta of 0.94. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62. The firm’s 50-day moving average price is $99.21 and its 200-day moving average price is $138.85. Atlassian has a 52-week low of $67.85 and a 52-week high of $242.00.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. Atlassian’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period last year, the business earned $0.96 EPS. As a group, equities analysts anticipate that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $156.15, for a total transaction of $1,196,889.75. Following the sale, the chief executive officer directly owned 459,900 shares of the company’s stock, valued at approximately $71,813,385. This trade represents a 1.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $162.68, for a total value of $1,246,942.20. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 312,613 shares of company stock valued at $43,163,892. 36.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

A number of hedge funds have recently modified their holdings of the stock. Rockefeller Capital Management L.P. grew its holdings in Atlassian by 29.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 8,056 shares of the technology company’s stock worth $1,306,000 after acquiring an additional 1,818 shares during the period. DUTCH ASSET Corp acquired a new position in Atlassian in the fourth quarter valued at approximately $448,000. Larry Mathis Financial Planning LLC acquired a new position in Atlassian in the fourth quarter valued at approximately $364,000. Corient Private Wealth LLC boosted its position in Atlassian by 4.2% in the 4th quarter. Corient Private Wealth LLC now owns 8,602 shares of the technology company’s stock worth $1,395,000 after purchasing an additional 344 shares in the last quarter. Finally, Reflection Asset Management purchased a new stake in Atlassian in the 4th quarter worth approximately $44,000. Hedge funds and other institutional investors 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.