Atlassian (NASDAQ:TEAM) Stock Rating Upgraded by BMO Capital Markets

Atlassian (NASDAQ:TEAM) was upgraded by stock analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued on Friday, MarketBeat reports. The firm presently has a $292.00 target price on the technology company’s stock, up from their prior target price of $255.00. BMO Capital Markets’ price target points to a potential upside of 20.47% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Robert W. Baird lifted their price objective on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Morgan Stanley lifted their price target on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Truist Financial upgraded shares of Atlassian from a “hold” rating to a “buy” rating and increased their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, January 7th. Mizuho boosted their target price on shares of Atlassian from $240.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Canaccord Genuity Group increased their price target on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Eight research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $266.10.

Atlassian Price Performance

Shares of TEAM stock opened at $242.39 on Friday. The firm has a fifty day simple moving average of $254.33 and a 200-day simple moving average of $199.59. The company has a market capitalization of $63.13 billion, a PE ratio of -159.47 and a beta of 0.83. Atlassian has a twelve month low of $135.29 and a twelve month high of $287.97. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the prior year, the company posted ($0.07) EPS. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. Equities research analysts anticipate that Atlassian will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $278.79, for a total value of $2,215,822.92. Following the completion of the transaction, the chief executive officer now owns 135,116 shares of the company’s stock, valued at approximately $37,668,989.64. This represents a 5.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $188.79, for a total transaction of $143,480.40. Following the completion of the sale, the president now directly owns 228,996 shares of the company’s stock, valued at $43,232,154.84. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 263,480 shares of company stock worth $62,377,979. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. boosted its stake in Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after purchasing an additional 78,454 shares in the last quarter. State Street Corp boosted its holdings in Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after buying an additional 8,957 shares in the last quarter. Dragoneer Investment Group LLC acquired a new position in shares of Atlassian in the 2nd quarter worth $469,803,000. JPMorgan Chase & Co. raised its holdings in Atlassian by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after buying an additional 131,621 shares during the period. Finally, FMR LLC raised its holdings in shares of Atlassian by 7.4% during the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after acquiring an additional 150,237 shares during the period. Institutional investors and hedge funds own 94.45% 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.