Atlassian (NASDAQ:TEAM) Given Outperform Rating at Oppenheimer

Atlassian (NASDAQ:TEAM)‘s stock had its “outperform” rating reissued by Oppenheimer in a research note issued on Monday, Benzinga reports. They presently have a $230.00 price target on the technology company’s stock. Oppenheimer’s price objective would indicate a potential upside of 41.31% from the company’s current price.

Several other equities analysts have also weighed in on the stock. JMP Securities raised shares of Atlassian to a “hold” rating in a research report on Friday, August 2nd. Scotiabank cut their price objective on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a research report on Friday, August 2nd. Barclays decreased their target price on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. BMO Capital Markets dropped their price target on Atlassian from $220.00 to $177.00 and set a “market perform” rating for the company in a report on Friday, August 2nd. Finally, The Goldman Sachs Group raised Atlassian from a “neutral” rating to a “buy” rating and upped their price objective for the company from $200.00 to $230.00 in a report on Friday, August 2nd. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $217.69.

Atlassian Stock Performance

Atlassian stock traded down $0.32 during midday trading on Monday, reaching $162.76. 129,636 shares of the company’s stock were exchanged, compared to its average volume of 1,778,512. The stock’s 50-day simple moving average is $161.99 and its 200 day simple moving average is $175.23. The firm has a market cap of $42.37 billion, a price-to-earnings ratio of -258.35 and a beta of 0.73. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian has a 52 week low of $135.29 and a 52 week high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the company posted ($0.21) EPS. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, analysts expect that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $176.05, for a total transaction of $1,399,245.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $176.05, for a total transaction of $1,399,245.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the sale, the chief technology officer now directly owns 128,957 shares in the company, valued at $18,838,038.56. The disclosure for this sale can be found here. Insiders have sold 231,451 shares of company stock valued at $38,886,554 over the last three months. 40.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Atlassian during the second quarter worth $12,846,000. University of Texas Texas AM Investment Management Co. bought a new stake in Atlassian during the 2nd quarter worth $462,000. Sanctuary Advisors LLC acquired a new position in Atlassian in the 2nd quarter worth about $1,022,000. New Century Financial Group LLC bought a new position in Atlassian in the second quarter valued at about $397,000. Finally, Truist Financial Corp boosted its stake in shares of Atlassian by 2.5% during the second quarter. Truist Financial Corp now owns 84,358 shares of the technology company’s stock valued at $14,921,000 after purchasing an additional 2,050 shares in the last quarter. 93.03% of the stock is owned by institutional investors.

Atlassian Company Profile

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.