Atlassian’s (TEAM) Outperform Rating Reaffirmed at Raymond James

Raymond James reaffirmed their outperform rating on shares of Atlassian (NASDAQ:TEAM) in a research report report published on Friday,Benzinga reports. They currently have a $300.00 price objective on the technology company’s stock, down from their previous price objective of $330.00.

Several other research analysts have also recently weighed in on the stock. Scotiabank lifted their price target on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research note on Friday, January 31st. KeyCorp cut their price target on Atlassian from $365.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. UBS Group decreased their price objective on Atlassian from $330.00 to $230.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 1st. Macquarie cut their price objective on Atlassian from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Piper Sandler restated an “overweight” rating and set a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research note on Friday. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $289.57.

Atlassian Stock Performance

TEAM stock opened at $208.48 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a market cap of $54.62 billion, a P/E ratio of -155.58 and a beta of 1.06. The stock’s fifty day moving average price is $222.61 and its 200-day moving average price is $245.06.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the company posted $0.89 EPS. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, equities analysts forecast that Atlassian will post -0.34 earnings per share for the current year.

Insider Activity

In other news, President Anutthara Bharadwaj sold 1,723 shares of Atlassian stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total value of $526,962.32. Following the completion of the transaction, the president now owns 199,934 shares in the company, valued at approximately $61,147,814.56. The trade was a 0.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $322.31, for a total value of $2,561,719.88. Following the sale, the chief executive officer now owns 270,232 shares in the company, valued at $87,098,475.92. The trade was a 2.86 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 260,734 shares of company stock worth $64,629,600. 38.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Clean Yield Group grew its holdings in Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after purchasing an additional 93 shares during the last quarter. Murphy & Mullick Capital Management Corp bought a new position in shares of Atlassian during the fourth quarter valued at approximately $27,000. Colonial Trust Co SC raised its holdings in shares of Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after buying an additional 69 shares during the period. Summit Securities Group LLC bought a new stake in shares of Atlassian during the 4th quarter worth approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in Atlassian during the 4th quarter valued at $39,000. 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.