By otakuyassine3@gmail.com 
Cantor Fitzgerald upgraded shares of Atlassian (NASDAQ:TEAM – Free Report) from a neutral rating to an overweight rating in a report published on Wednesday morning, MarketBeat.com reports. They currently have $272.00 price objective on the technology company’s stock, down from their prior price objective of $304.00.
A number of other research analysts also recently issued reports on TEAM. Truist Financial reduced their price target on Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Morgan Stanley boosted their target price on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Piper Sandler raised their price target on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Barclays boosted their price objective on shares of Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. Nine analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $308.73.
Get Our Latest Analysis on Atlassian
Atlassian Stock Down 5.4 %
Shares of Atlassian stock opened at $187.67 on Wednesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00. The company’s 50 day moving average price is $264.05 and its 200-day moving average price is $239.57. The stock has a market capitalization of $49.17 billion, a price-to-earnings ratio of -140.05 and a beta of 1.07.
Atlassian (NASDAQ:TEAM – Get Free Report) last announced 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 net margin of 7.22% and a negative return on equity of 17.37%. Equities research analysts forecast that Atlassian will post -0.34 EPS for the current year.
Insiders Place Their Bets
In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $222.68, for a total value of $1,769,860.64. Following the completion of the transaction, the chief executive officer now directly owns 357,660 shares of the company’s stock, valued at approximately $79,643,728.80. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the 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 sale, the president now owns 210,471 shares in the company, valued at approximately $54,690,889.35. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 270,981 shares of company stock valued at $71,914,254. 38.55% of the stock is currently owned by corporate insiders.
Institutional Trading of Atlassian
Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in shares of Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. State Street Corp raised its position in Atlassian by 0.3% in the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after buying an additional 8,957 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Atlassian in the 4th quarter worth about $687,486,000. Invesco Ltd. lifted its stake in Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after acquiring an additional 1,777,179 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Atlassian by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock valued at $528,851,000 after acquiring an additional 27,899 shares during the last quarter. Institutional investors 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.
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