StockNews.com Upgrades Atlassian (NASDAQ:TEAM) to Buy

Atlassian (NASDAQ:TEAM) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

A number of other research analysts also recently issued reports on TEAM. The Goldman Sachs Group boosted their price objective on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a research report on Monday. William Blair reissued an “outperform” rating on shares of Atlassian in a report on Friday. Barclays raised their price target on Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research note on Monday. UBS Group lifted their price target on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Mizuho lifted their price target on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a report on Friday. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $318.43.

Atlassian Stock Up 1.5 %

Shares of TEAM traded up $4.62 on Monday, reaching $311.40. The company’s stock had a trading volume of 3,122,795 shares, compared to its average volume of 2,232,776. Atlassian has a twelve month low of $135.29 and a twelve month high of $324.37. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The firm has a fifty day moving average of $260.51 and a 200-day moving average of $208.44. The stock has a market capitalization of $81.10 billion, a PE ratio of -232.39 and a beta of 0.87.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results 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 net margin of 7.22% and a negative return on equity of 18.00%. Equities analysts predict that Atlassian will post -0.55 EPS for the current year.

Insider Buying and Selling

In related news, CFO Joseph Leo Binz sold 1,674 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total transaction of $411,485.94. Following the completion of the transaction, the chief financial officer now owns 171,929 shares in the company, valued at approximately $42,261,867.49. This represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $224.33, for a total value of $1,782,974.84. Following the completion of the sale, the chief executive officer now directly owns 294,076 shares of the company’s stock, valued at approximately $65,970,069.08. The trade was a 2.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 257,935 shares of company stock worth $66,276,511 in the last quarter. 38.55% of the stock is owned by corporate insiders.

Institutional Trading of Atlassian

Hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new stake in shares of Atlassian in the 3rd quarter valued at $606,000. Sequoia Financial Advisors LLC raised its position in shares of Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock worth $306,000 after acquiring an additional 520 shares in the last quarter. Fulton Bank N.A. acquired a new position in Atlassian in the fourth quarter valued at approximately $447,000. Paloma Partners Management Co acquired a new position in shares of Atlassian during the 3rd quarter valued at $1,588,000. Finally, Impax Asset Management Group plc boosted its position in shares of Atlassian by 590.6% during the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after purchasing an additional 31,986 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.