Zacks Research Upgrades Atlassian (NASDAQ:TEAM) to Hold

Atlassian (NASDAQ:TEAM) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

TEAM has been the topic of a number of other research reports. Jefferies Financial Group set a $150.00 price objective on shares of Atlassian in a research note on Friday, February 6th. Oppenheimer decreased their target price on Atlassian from $275.00 to $150.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. BMO Capital Markets set a $130.00 target price on Atlassian and gave the company an “outperform” rating in a research report on Friday, February 6th. BNP Paribas Exane initiated coverage on Atlassian in a research report on Monday, March 16th. They set an “outperform” rating and a $95.00 target price on the stock. Finally, Robert W. Baird set a $140.00 price objective on Atlassian in a report on Friday, February 6th. Twenty research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $179.00.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $64.83 on Monday. The stock has a market capitalization of $17.10 billion, a price-to-earnings ratio of -90.04 and a beta of 0.99. Atlassian has a 12 month low of $64.30 and a 12 month high of $242.00. The firm’s 50 day simple moving average is $81.49 and its 200-day simple moving average is $128.31. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Friday, February 6th. The technology company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The business had revenue of $1.59 billion for 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%. The business’s revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the company earned $0.96 EPS. Analysts expect that Atlassian will post -0.34 EPS for the current 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 on Thursday, January 22nd. The stock was sold at an average price of $126.11, for a total value of $966,633.15. Following the completion of the transaction, the chief executive officer owned 352,590 shares in the company, valued at approximately $44,465,124.90. This represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Scott Farquhar sold 7,665 shares of the stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $118.19, for a total value of $905,926.35. Following the completion of the transaction, the director owned 367,920 shares of the company’s stock, valued at $43,484,464.80. The trade was a 2.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 189,973 shares of company stock valued at $23,479,713 in the last quarter. 36.66% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Physician Wealth Advisors Inc. raised its position in Atlassian by 60.4% in the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after acquiring an additional 61 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Atlassian by 12.0% in the 4th quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock valued at $100,000 after acquiring an additional 66 shares during the period. Snowden Capital Advisors LLC raised its stake in shares of Atlassian by 1.6% in the 2nd quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock valued at $907,000 after acquiring an additional 71 shares during the period. Financial Perspectives Inc raised its stake in shares of Atlassian by 11.7% in the 4th quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock valued at $116,000 after acquiring an additional 75 shares during the period. Finally, ABN Amro Investment Solutions lifted its position in Atlassian by 3.4% during the 3rd quarter. ABN Amro Investment Solutions now owns 2,452 shares of the technology company’s stock worth $392,000 after acquiring an additional 80 shares in the last quarter. 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.