Atlassian (NASDAQ:TEAM) Upgraded to “Hold” at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Atlassian (NASDAQ:TEAM) to a hold rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage currently has $264.00 price target on the technology company’s stock.

TEAM has been the subject of a number of other research reports. Canaccord Genuity Group upped their target price on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. Wells Fargo & Company raised their price objective on Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Oppenheimer boosted their target price on Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Finally, Mizuho raised their price target on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Nine analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $272.00.

Atlassian Price Performance

NASDAQ:TEAM opened at $252.36 on Thursday. The stock has a market cap of $65.72 billion, a PE ratio of -166.03 and a beta of 0.83. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The business’s 50-day simple moving average is $256.36 and its two-hundred day simple moving average is $201.95. Atlassian has a 52 week low of $135.29 and a 52 week high of $287.97.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the company earned ($0.07) EPS. The firm’s quarterly revenue was up 21.5% on a year-over-year basis. As a group, analysts forecast that Atlassian will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, President Anutthara Bharadwaj sold 4,560 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $1,028,052.00. Following the transaction, the president now directly owns 224,436 shares in the company, valued at $50,599,096.20. This represents a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $253.01, for a total transaction of $2,010,923.48. Following the sale, the director now directly owns 389,452 shares of the company’s stock, valued at $98,535,250.52. This represents a 2.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 280,136 shares of company stock worth $67,814,587 over the last quarter. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Hedge funds have recently made changes to their positions in the company. True Wealth Design LLC raised its holdings in shares of Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after purchasing an additional 231 shares in the last quarter. GAMMA Investing LLC increased its holdings in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after buying an additional 96 shares during the period. Reston Wealth Management LLC bought a new position in Atlassian in the third quarter worth approximately $48,000. Quarry LP raised its stake in Atlassian by 143.8% in the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after buying an additional 220 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its holdings in Atlassian by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after buying an additional 82 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Company Profile

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.