Atlassian (NASDAQ:TEAM) Coverage Initiated by Analysts at Macquarie

Macquarie initiated coverage on shares of Atlassian (NASDAQ:TEAM) in a research report released on Thursday morning, Marketbeat reports. The firm issued a neutral rating and a $290.00 price objective on the technology company’s stock.

Several other analysts also recently commented on TEAM. Raymond James increased their price objective on shares of Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Truist Financial increased their price target on shares of Atlassian from $160.00 to $200.00 and gave the company a “hold” rating in a report on Friday, November 1st. UBS Group boosted their price objective on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group increased their target price on Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Piper Sandler lifted their target price on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $256.50.

Atlassian Price Performance

TEAM stock opened at $278.65 on Thursday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market capitalization of $72.57 billion, a price-to-earnings ratio of -183.32 and a beta of 0.80. The firm has a 50 day moving average price of $229.09 and a 200-day moving average price of $186.77. Atlassian has a 52-week low of $135.29 and a 52-week high of $287.97.

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

Insider Activity at Atlassian

In other news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the transaction, the president now owns 143,966 shares of the company’s stock, valued at $23,482,294.26. This trade represents a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $165.03, for a total value of $1,311,658.44. Following the transaction, the chief executive officer now directly owns 79,480 shares in the company, valued at approximately $13,116,584.40. The trade was a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 276,590 shares of company stock worth $58,284,749. 38.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TEAM. Dragoneer Investment Group LLC bought a new position in shares of Atlassian in the second quarter worth approximately $469,803,000. Point72 Asset Management L.P. lifted its stake in shares of Atlassian by 760.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock valued at $110,972,000 after buying an additional 617,566 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in Atlassian by 122.0% in the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after buying an additional 551,500 shares during the period. Westfield Capital Management Co. LP purchased a new stake in Atlassian in the 3rd quarter worth $57,149,000. Finally, Parnassus Investments LLC raised its holdings in Atlassian by 322.9% during the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after acquiring an additional 245,286 shares during the period. Institutional investors own 94.45% 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.