Atlassian Corporation PLC (NASDAQ:TEAM) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) have been assigned an average rating of “Moderate Buy” from the twenty-eight analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and twenty-one have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $138.50.

TEAM has been the subject of several research analyst reports. Truist Financial raised their price target on shares of Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Bank of America reduced their price objective on Atlassian from $110.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. Cantor Fitzgerald raised their target price on Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. UBS Group lowered their target price on Atlassian from $105.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, May 1st. Finally, Oppenheimer upped their price target on Atlassian from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, May 11th.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $96.43 on Thursday. The company’s 50-day moving average is $88.92 and its 200 day moving average is $90.93. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $24.47 billion, a P/E ratio of -116.18, a price-to-earnings-growth ratio of 6.08 and a beta of 1.11. Atlassian has a fifty-two week low of $56.01 and a fifty-two week high of $206.00.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 earnings per share. On average, equities research analysts forecast that Atlassian will post 0.81 earnings per share for the current year.

Insider Activity

In related news, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the sale, the executive directly owned 227,691 shares in the company, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently modified their holdings of TEAM. GAMMA Investing LLC raised its holdings in shares of Atlassian by 12.0% in the fourth quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock worth $100,000 after buying an additional 66 shares during the last quarter. Snowden Capital Advisors LLC grew its holdings in shares of Atlassian by 1.6% during the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock valued at $907,000 after buying an additional 71 shares during the last quarter. Financial Perspectives Inc increased its position 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. Slow Capital Inc. increased its position in shares of Atlassian by 0.3% in the 4th quarter. Slow Capital Inc. now owns 33,486 shares of the technology company’s stock valued at $5,429,000 after acquiring an additional 84 shares during the period. Finally, Verdence Capital Advisors LLC raised its stake in Atlassian by 3.0% in the 4th quarter. Verdence Capital Advisors LLC now owns 3,079 shares of the technology company’s stock worth $499,000 after acquiring an additional 89 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Company Profile

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.