Atlassian (NASDAQ:TEAM) Rating Increased to Outperform at Macquarie

Atlassian (NASDAQ:TEAM) was upgraded by analysts at Macquarie from a “neutral” rating to an “outperform” rating in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has a $270.00 price objective on the technology company’s stock, down from their previous price objective of $317.00. Macquarie’s price objective indicates a potential upside of 36.11% from the stock’s current price.

TEAM has been the topic of several other reports. Oppenheimer boosted their target price on Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. KeyCorp cut their price objective on Atlassian from $365.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday. The Goldman Sachs Group increased their target price on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Citigroup lifted their price target on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Truist Financial decreased their price objective on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Eight equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $297.50.

Atlassian Stock Performance

Atlassian stock opened at $198.37 on Thursday. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a fifty day moving average price of $251.13 and a two-hundred day moving average price of $241.25. The firm has a market capitalization of $51.97 billion, a P/E ratio of -148.04 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, analysts anticipate that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $195.56, for a total transaction of $1,554,310.88. Following the transaction, the chief executive officer now owns 317,920 shares of the company’s stock, valued at $62,172,435.20. This trade represents a 2.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the transaction, the president now owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock worth $68,608,284 in the last three months. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Corebridge Financial Inc. increased its holdings in shares of Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after acquiring an additional 35 shares in the last quarter. GeoWealth Management LLC grew its position in shares of Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after purchasing an additional 38 shares during the period. Assetmark Inc. increased its stake in Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after purchasing an additional 41 shares in the last quarter. Allworth Financial LP increased its stake in Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after purchasing an additional 47 shares in the last quarter. Finally, True Wealth Design LLC raised its holdings in Atlassian by 21.6% during the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock worth $69,000 after buying an additional 50 shares during the period. 94.45% of the stock is currently 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.