Atlassian Co. (NASDAQ:TEAM) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Atlassian Co. (NASDAQ:TEAM) have been given an average rating of “Moderate Buy” by the nineteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $226.94.

Several equities analysts have recently weighed in on the stock. TD Cowen decreased their price target on shares of Atlassian from $220.00 to $210.00 and set a “hold” rating for the company in a research note on Friday, April 26th. KeyCorp initiated coverage on shares of Atlassian in a research note on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $235.00 to $275.00 in a research report on Thursday, April 11th. Oppenheimer decreased their price target on Atlassian from $300.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Finally, Piper Sandler raised Atlassian from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $200.00 to $225.00 in a report on Tuesday.

Atlassian Stock Up 2.3 %

TEAM opened at $182.28 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82. Atlassian has a 12 month low of $152.34 and a 12 month high of $258.69. The firm’s fifty day simple moving average is $171.58 and its 200 day simple moving average is $200.80.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.40) earnings per share. On average, research analysts expect that Atlassian will post -0.21 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $207.36, for a total transaction of $1,708,853.76. Following the completion of the sale, the chief executive officer now directly owns 432,378 shares of the company’s stock, valued at approximately $89,657,902.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $207.36, for a total transaction of $1,708,853.76. Following the transaction, the chief executive officer now directly owns 432,378 shares of the company’s stock, valued at $89,657,902.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $193.63, for a total transaction of $147,158.80. Following the completion of the sale, the president now directly owns 162,610 shares of the company’s stock, valued at approximately $31,486,174.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 279,854 shares of company stock valued at $49,959,914. 40.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management increased its position in shares of Atlassian by 383.9% in the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after purchasing an additional 119 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in Atlassian during the first quarter worth about $40,000. Crewe Advisors LLC bought a new position in Atlassian in the 1st quarter valued at about $43,000. Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Atlassian by 271.0% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after buying an additional 271 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Atlassian by 255.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after acquiring an additional 291 shares during the period. 93.03% of the stock is owned by institutional investors and hedge funds.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.