Atlassian (NASDAQ:TEAM) Upgraded to Moderate Buy at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of Atlassian (NASDAQ:TEAM) to a moderate buy rating in a report released on Tuesday,Zacks.com reports.

Several other analysts have also recently issued reports on TEAM. BTIG Research upped their price objective on shares of Atlassian from $130.00 to $180.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Wells Fargo & Company boosted their target price on Atlassian from $140.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Barclays upped their price target on Atlassian from $112.00 to $172.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Wall Street Zen cut Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of Atlassian 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 issued 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 $178.63.

Atlassian Trading Up 1.2%

Shares of TEAM opened at $168.47 on Tuesday. Atlassian has a 52-week low of $56.01 and a 52-week high of $184.00. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. The firm’s fifty day moving average is $110.69 and its two-hundred day moving average is $90.71. 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 (NASDAQ:TEAM) last issued its earnings results 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 business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.98 earnings per share. Research analysts forecast that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Gene Liu sold 1,125 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total value of $196,875.00. Following the transaction, the chief accounting officer directly owned 56,807 shares in the company, valued at approximately $9,941,225. This represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO James Chuong sold 9,054 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer owned 279,218 shares in the company, valued at $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 30,349 shares of company stock valued at $4,418,849 in the last 90 days. Company insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several large investors have recently modified their holdings of the business. MV Capital Management Inc. purchased a new position in shares of Atlassian during the 4th quarter worth $25,000. Manning & Napier Advisors LLC purchased a new stake in Atlassian in the 2nd quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB lifted its position in Atlassian by 139.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock valued at $29,000 after buying an additional 220 shares during the last quarter. Western Wealth Management LLC purchased a new position in Atlassian during the first quarter worth about $30,000. Finally, State of Wyoming lifted its holdings in shares of Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after acquiring an additional 178 shares during the last quarter. Institutional investors and hedge funds 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.