Atlassian (NASDAQ:TEAM) Rating Increased to Outperform at Raymond James

Atlassian (NASDAQ:TEAM) was upgraded by investment analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday, Briefing.com reports. The firm currently has a $200.00 price target on the technology company’s stock. Raymond James’ price target would suggest a potential upside of 25.94% from the company’s current price.

Several other brokerages have also weighed in on TEAM. Baird R W lowered Atlassian from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. Truist Financial reduced their price objective on Atlassian from $200.00 to $160.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Mizuho dropped their target price on Atlassian from $225.00 to $220.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. BMO Capital Markets dropped their target price on Atlassian from $220.00 to $177.00 and set a “market perform” rating on the stock in a research report on Friday, August 2nd. Finally, Piper Sandler upgraded Atlassian from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $200.00 to $225.00 in a research report on Tuesday, July 2nd. Ten research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $216.65.

Atlassian Stock Performance

TEAM stock opened at $158.81 on Tuesday. The firm has a market cap of $41.30 billion, a PE ratio of -252.08 and a beta of 0.73. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The business has a 50 day moving average of $160.31 and a 200-day moving average of $173.53. Atlassian has a 12-month low of $135.29 and a 12-month high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating 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 business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the company earned ($0.21) earnings per share. Atlassian’s revenue was up 20.5% compared to the same quarter last year. As a group, sell-side analysts expect that Atlassian will post -0.58 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares in the company, valued at $18,838,038.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the transaction, the chief technology officer now owns 128,957 shares of the company’s stock, valued at $18,838,038.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $186.48, for a total value of $1,482,143.04. Following the completion of the transaction, the chief executive officer now directly owns 476,880 shares in the company, valued at approximately $88,928,582.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 232,211 shares of company stock worth $38,706,904. Corporate insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Atlassian by 1.4% during the first quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock valued at $3,039,287,000 after buying an additional 221,650 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Atlassian by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after buying an additional 904,138 shares during the last quarter. Dragoneer Investment Group LLC bought a new position in shares of Atlassian during the second quarter valued at about $469,803,000. Capital International Investors grew its stake in shares of Atlassian by 6.3% in the first quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock worth $475,399,000 after purchasing an additional 144,117 shares during the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of Atlassian by 6.7% in the first quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock worth $404,059,000 after purchasing an additional 130,253 shares during the last quarter. Institutional investors own 93.03% of the company’s stock.

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.