Atlassian (NASDAQ:TEAM) Research Coverage Started at Stephens

Stephens assumed coverage on shares of Atlassian (NASDAQ:TEAM) in a research note published on Wednesday, Marketbeat reports. The firm issued an equal weight rating and a $255.00 price target on the technology company’s stock.

TEAM has been the subject of several other research reports. Cantor Fitzgerald raised their target price on Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Citigroup lifted their price target on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Barclays increased their price objective on shares of Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. Finally, The Goldman Sachs Group lifted their price objective on Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Nine investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $316.77.

Atlassian Stock Performance

NASDAQ:TEAM opened at $227.34 on Wednesday. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a market cap of $59.56 billion, a P/E ratio of -169.66 and a beta of 0.91. The company’s 50-day moving average price is $271.24 and its 200-day moving average price is $235.79.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. On average, sell-side analysts forecast that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares in the company, valued at approximately $54,690,889.35. This trade represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $255.25, for a total value of $2,028,727.00. Following the transaction, the chief executive officer now directly owns 31,792 shares in the company, valued at $8,114,908. This trade represents a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 263,033 shares of company stock valued at $71,015,177. Insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after buying an additional 1,806,042 shares in the last quarter. State Street Corp lifted its holdings in shares of Atlassian by 0.3% in the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after purchasing an additional 8,957 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Atlassian during the 4th quarter valued at approximately $687,486,000. Invesco Ltd. grew its stake in Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after buying an additional 1,777,179 shares during the last quarter. Finally, FMR LLC increased its position in Atlassian by 7.4% in the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after buying an additional 150,237 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

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.