Atlassian (NASDAQ:TEAM) Upgraded to Outperform at Robert W. Baird

Robert W. Baird upgraded shares of Atlassian (NASDAQ:TEAM) from a neutral rating to an outperform rating in a research report sent to investors on Monday, MarketBeat Ratings reports. They currently have $255.00 price target on the technology company’s stock, down from their previous price target of $320.00.

Other analysts have also recently issued research reports about the company. BMO Capital Markets decreased their target price on Atlassian from $360.00 to $295.00 and set an “outperform” rating for the company in a report on Thursday, April 10th. Raymond James reaffirmed an “outperform” rating and issued a $330.00 price target (up from $250.00) on shares of Atlassian in a report on Friday, January 31st. Morgan Stanley raised their price target on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Citigroup upped their price objective on Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Finally, Barclays boosted their price objective on Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Seven investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $300.00.

Atlassian Trading Up 1.3 %

Shares of TEAM stock opened at $200.99 on Monday. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The stock has a market cap of $52.66 billion, a P/E ratio of -149.99 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The business has a fifty day simple moving average of $248.73 and a 200-day simple moving average of $242.07.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) 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%. On average, analysts forecast that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the transaction, the president now owns 210,471 shares of the company’s stock, valued at $54,690,889.35. This represents a 0.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $251.20, for a total value of $1,996,537.60. Following the sale, the chief executive officer now directly owns 405,348 shares of the company’s stock, valued at approximately $101,823,417.60. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 263,033 shares of company stock valued at $68,282,575. 38.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Clean Yield Group raised its position in Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after buying an additional 93 shares during the last quarter. Murphy & Mullick Capital Management Corp bought a new position in shares of Atlassian in the fourth quarter valued at $27,000. Colonial Trust Co SC grew its position in shares of Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after acquiring an additional 69 shares during the period. Summit Securities Group LLC acquired a new stake in Atlassian in the 4th quarter valued at about $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian during the 4th quarter worth approximately $39,000. 94.45% of the stock is currently 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.