Atlassian (NASDAQ:TEAM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a report published on Sunday morning,Wall Street Zen reports.

A number of other research analysts also recently weighed in on TEAM. BMO Capital Markets increased their price objective on shares of Atlassian from $95.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. UBS Group upped their price target on shares of Atlassian from $95.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Jefferies Financial Group reiterated a “buy” rating and issued a $200.00 price objective on shares of Atlassian in a research note on Friday, August 7th. Robert W. Baird set a $200.00 price objective on shares of Atlassian in a report on Friday, August 7th. Finally, TD Cowen boosted their target price on shares of Atlassian from $105.00 to $145.00 and gave the company a “hold” rating in a research report on Friday, August 7th. 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $186.41.

Atlassian Trading Down 1.5%

Shares of NASDAQ:TEAM opened at $189.81 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. Atlassian has a 1 year low of $56.01 and a 1 year high of $198.60. The company has a market cap of $48.17 billion, a P/E ratio of -999.00, a PEG ratio of 15.15 and a beta of 1.15. The stock’s fifty day moving average price is $140.09 and its 200-day moving average price is $100.97.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.50 by $0.37. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.Atlassian’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same period last year, the company earned $0.98 EPS. Sell-side analysts expect that Atlassian will post 0.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Brian Duffy sold 1,851 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $319,204.95. Following the transaction, the executive owned 218,223 shares of the company’s stock, valued at $37,632,556.35. This trade represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the transaction, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their ownership of the stock. 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 a total of 22,138 shares of company stock worth $3,751,873 over the last quarter. 36.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TEAM. Geode Capital Management LLC boosted its position in shares of Atlassian by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 2,465,854 shares of the technology company’s stock worth $398,417,000 after purchasing an additional 67,185 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of Atlassian by 27.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock valued at $343,344,000 after buying an additional 1,080,561 shares in the last quarter. Norges Bank purchased a new position in shares of Atlassian during the 4th quarter valued at $323,526,000. Legal & General Group Plc boosted its holdings in Atlassian by 3.6% in the 4th quarter. Legal & General Group Plc now owns 1,133,333 shares of the technology company’s stock worth $183,759,000 after buying an additional 39,243 shares during the period. Finally, Carmignac Gestion boosted its holdings in Atlassian by 115.8% in the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock worth $177,707,000 after buying an additional 1,397,402 shares during the period. Institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.