Royal Bank Of Canada Upgrades Atlassian (NASDAQ:TEAM) to “Moderate Buy”

Atlassian (NASDAQ:TEAM) was upgraded by stock analysts at Royal Bank Of Canada to a “moderate buy” rating in a report released on Tuesday,Zacks.com reports.

Several other equities analysts have also recently commented on TEAM. BMO Capital Markets boosted their price target on shares of Atlassian from $95.00 to $175.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Piper Sandler cut their price objective on Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Oppenheimer lifted their price objective on Atlassian from $110.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Barclays boosted their target price on Atlassian from $112.00 to $172.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Finally, Zacks Research lowered Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Twenty-five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $178.63.

Atlassian Trading Up 1.2%

NASDAQ:TEAM opened at $168.47 on Tuesday. The stock’s 50-day moving average is $110.69 and its two-hundred day moving average is $90.71. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $42.75 billion, a PE ratio of -886.68, a price-to-earnings-growth ratio of 13.08 and a beta of 1.05. Atlassian has a fifty-two week low of $56.01 and a fifty-two week high of $184.00.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm’s revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. As a group, equities research analysts forecast that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CRO Brian Duffy sold 1,851 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $319,204.95. Following the transaction, the executive owned 218,223 shares in the company, valued at $37,632,556.35. This trade represents a 0.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the transaction, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. This represents a 3.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 30,349 shares of company stock valued at $4,418,849 over the last 90 days. 36.66% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC grew its position in shares of Atlassian by 71.6% in the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock valued at $1,153,000 after purchasing an additional 2,267 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Atlassian by 39.5% during the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after purchasing an additional 1,328 shares during the last quarter. Focus Partners Wealth lifted its position in shares of Atlassian by 32.6% during the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after purchasing an additional 1,014 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its stake in Atlassian by 27.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock valued at $380,000 after purchasing an additional 404 shares during the period. Institutional investors own 94.45% of the company’s stock.

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.