Atlassian (NASDAQ:TEAM) Upgraded to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of Atlassian (NASDAQ:TEAM) from a neutral rating to an overweight rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports. Piper Sandler currently has $225.00 price objective on the technology company’s stock, up from their previous price objective of $200.00.

A number of other equities research analysts have also weighed in on the company. Wells Fargo & Company lowered their price objective on Atlassian from $285.00 to $250.00 and set an overweight rating for the company in a research note on Friday, June 21st. Oppenheimer lowered their price objective on Atlassian from $300.00 to $250.00 and set an outperform rating for the company in a research note on Friday, April 26th. Canaccord Genuity Group decreased their target price on Atlassian from $260.00 to $230.00 and set a buy rating for the company in a research report on Friday, April 26th. Citigroup decreased their target price on Atlassian from $280.00 to $265.00 and set a buy rating for the company in a research report on Friday, April 12th. Finally, Truist Financial decreased their target price on Atlassian from $220.00 to $200.00 and set a hold rating for the company in a research report on Friday, April 26th. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $226.94.

Atlassian Price Performance

TEAM stock opened at $182.28 on Tuesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian has a 1 year low of $152.34 and a 1 year high of $258.69. The firm has a market cap of $47.45 billion, a P/E ratio of -289.33 and a beta of 0.74. The stock has a 50-day simple moving average of $171.58 and a 200-day simple moving average of $200.80.

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

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on Friday, April 19th. The stock was sold at an average price of $193.63, for a total transaction of $147,158.80. Following the sale, the president now owns 162,610 shares of the company’s stock, valued at approximately $31,486,174.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on Friday, April 19th. The stock was sold at an average price of $193.63, for a total transaction of $147,158.80. Following the sale, the president now owns 162,610 shares of the company’s stock, valued at approximately $31,486,174.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Gene Liu sold 199 shares of Atlassian stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total value of $36,665.75. Following the sale, the chief accounting officer now directly owns 45,666 shares in the company, valued at approximately $8,413,960.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 279,854 shares of company stock valued at $49,959,914. Insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds have recently added to or reduced their stakes in the business. Hollencrest Capital Management raised its stake in shares of Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after buying an additional 119 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Atlassian in the 1st quarter worth $40,000. Crewe Advisors LLC bought a new stake in shares of Atlassian in the 1st quarter worth $43,000. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Atlassian by 271.0% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after acquiring an additional 271 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Atlassian by 255.3% in 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 last quarter. Institutional investors own 93.03% of the company’s stock.

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.