Atlassian (NASDAQ:TEAM) Cut to Hold at Wall Street Zen

by · The Markets Daily

Wall Street Zen cut shares of Atlassian (NASDAQ:TEAM – Free Report) from a buy rating to a hold rating in a report released on Saturday morning,Wall Street Zen reports.

Other equities analysts have also recently issued reports about the stock. Truist Financial lifted their price objective on shares of Atlassian from $160.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. KeyCorp increased their price objective on shares of Atlassian from $115.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. BTIG Research raised their target price on shares of Atlassian from $180.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $200.00 target price on shares of Atlassian in a report on Friday, August 7th. Finally, BMO Capital Markets upped their price target on shares of Atlassian from $95.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Twenty-five equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $183.81.

Check Out Our Latest Stock Analysis on Atlassian

Atlassian Price Performance

Atlassian stock opened at $189.58 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The company’s 50-day moving average is $128.22 and its 200-day moving average is $96.44. The firm has a market capitalization of $48.11 billion, a PE ratio of -997.79, a P/E/G ratio of 14.90 and a beta of 1.15. Atlassian has a fifty-two week low of $56.01 and a fifty-two week high of $198.60.

Atlassian (NASDAQ:TEAM – Get Free Report) last issued its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the business posted $0.98 EPS. Atlassian’s revenue was up 27.6% on a year-over-year basis. Sell-side analysts anticipate that Atlassian will post 0.94 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In related news, CAO Gene Liu sold 1,125 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total value of $196,875.00. Following the completion of the transaction, the chief accounting officer owned 56,807 shares of the company’s stock, valued at $9,941,225. The trade was a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Brian Duffy sold 7,617 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the transaction, the executive directly owned 220,074 shares in the company, valued at approximately $35,872,062. This represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 28,383 shares of company stock valued at $4,316,379 in the last three months. Corporate insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its holdings in shares of Atlassian by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock valued at $1,153,000 after purchasing an additional 2,267 shares in the last quarter. Empowered Funds LLC raised its stake in Atlassian by 39.5% during the first quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after acquiring an additional 1,328 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of Atlassian by 32.6% in the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after acquiring an additional 1,014 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after purchasing an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC grew its holdings in shares of Atlassian by 27.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock valued at $380,000 after purchasing an additional 404 shares during the last quarter. 94.45% of the stock is owned by institutional investors.

Atlassian Company Profile

(Get Free Report)

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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