Atlassian (NASDAQ:TEAM) Hits New 1-Year High Following Analyst Upgrade

Atlassian Co. (NASDAQ:TEAM) reached a new 52-week high during mid-day trading on Friday after Morgan Stanley raised their price target on the stock from $315.00 to $370.00. Morgan Stanley currently has an overweight rating on the stock. Atlassian traded as high as $324.37 and last traded at $314.66, with a volume of 2005053 shares trading hands. The stock had previously closed at $266.95.

Several other equities analysts have also issued reports on TEAM. BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $255.00 to $292.00 in a research report on Friday, January 10th. UBS Group raised their price objective on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Mizuho boosted their price target on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research note on Friday. Canaccord Genuity Group increased their price objective on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, Robert W. Baird increased their price target on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus target price of $279.14.

Insiders Place Their Bets

In related news, CAO Gene Liu sold 785 shares of Atlassian stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $240.00, for a total transaction of $188,400.00. Following the completion of the sale, the chief accounting officer now owns 57,938 shares of the company’s stock, valued at $13,905,120. The trade was a 1.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the completion of the transaction, the director now owns 333,816 shares in the company, valued at approximately $90,340,624.08. This trade represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 257,156 shares of company stock valued at $65,313,573. Insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several large investors have recently made changes to their positions in TEAM. Baillie Gifford & Co. lifted its position in Atlassian by 0.9% during the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after purchasing an additional 78,454 shares during the period. State Street Corp raised its position in Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after acquiring an additional 8,957 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Atlassian by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after purchasing an additional 131,621 shares in the last quarter. FMR LLC grew its position in Atlassian by 7.4% during the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after buying an additional 150,237 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Atlassian by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock valued at $340,453,000 after purchasing an additional 57,911 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Trading Up 17.4 %

The firm has a market capitalization of $81.65 billion, a price-to-earnings ratio of -206.53 and a beta of 0.83. The company has a 50 day moving average price of $259.32 and a two-hundred day moving average price of $206.76. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. On average, research analysts forecast that Atlassian Co. will post -0.55 EPS for the current year.

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.