Atlassian (NASDAQ:TEAM) Reaches New 12-Month High After Analyst Upgrade

Atlassian Co. (NASDAQ:TEAM) shares reached a new 52-week high on Monday after Macquarie raised their price target on the stock from $290.00 to $317.00. Macquarie currently has a neutral rating on the stock. Atlassian traded as high as $324.58 and last traded at $323.67, with a volume of 795442 shares. The stock had previously closed at $314.28.

Other research analysts have also issued research reports about the company. KeyCorp increased their price objective on Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, January 31st. UBS Group increased their price objective on Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Canaccord Genuity Group increased their price objective on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. Cantor Fitzgerald increased their price objective on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Finally, Raymond James reaffirmed an “outperform” rating and issued a $330.00 target price (up previously from $250.00) on shares of Atlassian in a report on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, Atlassian has an average rating of “Moderate Buy” and an average target price of $319.71.

Insider Buying and Selling at Atlassian

In related news, CAO Gene Liu sold 165 shares of Atlassian stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total transaction of $40,563.60. Following the completion of the sale, the chief accounting officer now directly owns 56,423 shares of the company’s stock, valued at $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, November 18th. The stock was sold at an average price of $239.19, for a total value of $1,901,082.12. Following the sale, the chief executive officer now directly owns 230,492 shares of the company’s stock, valued at approximately $55,131,381.48. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 256,705 shares of company stock worth $67,890,023. 38.55% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares in the last quarter. True Wealth Design LLC raised its holdings in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares in the last quarter. Avion Wealth raised its holdings in Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after acquiring an additional 157 shares in the last quarter. Assetmark Inc. raised its holdings in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after acquiring an additional 41 shares in the last quarter. Finally, Reston Wealth Management LLC bought a new stake in Atlassian in the third quarter valued at approximately $48,000. 94.45% of the stock is currently owned by institutional investors.

Atlassian Stock Up 3.0 %

The company has a quick ratio of 1.18, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm has a 50 day simple moving average of $265.92 and a 200-day simple moving average of $213.13. The stock has a market cap of $84.80 billion, a P/E ratio of -241.86 and a beta of 0.87.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share 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, equities research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

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.