Atlassian (NASDAQ:TEAM) Stock Rating Upgraded by Cantor Fitzgerald

Atlassian (NASDAQ:TEAM) was upgraded by research analysts at Cantor Fitzgerald from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The firm presently has a $272.00 price target on the technology company’s stock, down from their previous price target of $304.00. Cantor Fitzgerald’s price objective indicates a potential upside of 23.71% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Stephens started coverage on shares of Atlassian in a research note on Wednesday, March 19th. They set an “equal weight” rating and a $255.00 target price for the company. KeyCorp raised their target price on Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Raymond James reiterated an “outperform” rating and set a $330.00 price target (up from $250.00) on shares of Atlassian in a research report on Friday, January 31st. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a research note on Friday, January 31st. Finally, Jefferies Financial Group reduced their target price on shares of Atlassian from $400.00 to $330.00 and set a “buy” rating for the company in a research report on Monday. 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $308.73.

Atlassian Stock Performance

NASDAQ TEAM opened at $219.87 on Wednesday. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $57.60 billion, a P/E ratio of -162.94 and a beta of 1.07. The stock has a 50-day simple moving average of $267.68 and a two-hundred day simple moving average of $239.81.

Atlassian (NASDAQ:TEAM) last released 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 net margin of 7.22% and a negative return on equity of 17.37%. On average, equities analysts forecast that Atlassian will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $209.73, for a total transaction of $1,666,934.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joseph Leo Binz sold 2,587 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $312.09, for a total transaction of $807,376.83. Following the completion of the sale, the chief financial officer now directly owns 169,342 shares of the company’s stock, valued at approximately $52,849,944.78. This trade represents a 1.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 270,981 shares of company stock valued at $72,069,956. 38.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently made changes to their positions in the business. Murphy & Mullick Capital Management Corp acquired a new position in Atlassian in the fourth quarter worth about $27,000. Colonial Trust Co SC grew its stake 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 purchasing an additional 69 shares during the period. Summit Securities Group LLC acquired a new position in shares of Atlassian in the 4th quarter worth approximately $38,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian during the 4th quarter worth approximately $39,000. Finally, Avion Wealth boosted its stake in Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after buying an additional 157 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.