Atlassian (NASDAQ:TEAM) Coverage Initiated by Analysts at Macquarie

Stock analysts at Macquarie assumed coverage on shares of Atlassian (NASDAQ:TEAM) in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage set a “neutral” rating and a $290.00 price target on the technology company’s stock. Macquarie’s target price would indicate a potential upside of 4.07% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Piper Sandler increased their price objective on shares of Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Canaccord Genuity Group increased their price objective on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Truist Financial increased their price objective on shares of Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Jefferies Financial Group increased their price objective on shares of Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Morgan Stanley increased their price objective on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.50.

Atlassian Stock Down 0.2 %

Shares of NASDAQ:TEAM opened at $278.65 on Thursday. Atlassian has a 52 week low of $135.29 and a 52 week high of $287.97. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $72.57 billion, a PE ratio of -183.32 and a beta of 0.80. The company has a 50 day moving average price of $226.93 and a two-hundred day moving average price of $185.86.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. The business’s quarterly revenue was up 21.5% on a year-over-year basis. Analysts forecast that Atlassian will post -0.54 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $278.20, for a total value of $2,211,133.60. Following the transaction, the chief executive officer now owns 95,376 shares in the company, valued at approximately $26,533,603.20. The trade was a 7.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the transaction, the president now owns 143,966 shares in the company, valued at $23,482,294.26. This trade represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 276,590 shares of company stock worth $58,284,749 in the last ninety days. Company insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Asset Dedication LLC raised its holdings in Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares during the last quarter. Rothschild Investment LLC acquired a new position in Atlassian during the second quarter worth $36,000. 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 buying an additional 96 shares during 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 buying an additional 231 shares during the last quarter. Finally, Reston Wealth Management LLC acquired a new position in Atlassian during the third quarter worth $48,000. 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.