Atlassian (NASDAQ:TEAM) Upgraded by Macquarie to “Outperform” Rating

Macquarie upgraded shares of Atlassian (NASDAQ:TEAM) from a neutral rating to an outperform rating in a research note issued to investors on Thursday, MarketBeat reports. Macquarie currently has $270.00 target price on the technology company’s stock, down from their prior target price of $317.00.

Other analysts have also recently issued research reports about the company. William Blair reiterated an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Oppenheimer lifted their price target on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Cantor Fitzgerald raised shares of Atlassian from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $304.00 to $272.00 in a research report on Wednesday, April 2nd. UBS Group decreased their target price on shares of Atlassian from $330.00 to $230.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 1st. Finally, The Goldman Sachs Group boosted their price target on Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus target price of $297.50.

Atlassian Stock Down 5.5 %

Shares of NASDAQ TEAM opened at $198.03 on Thursday. The firm’s 50-day moving average is $253.50 and its two-hundred day moving average is $241.00. The company has a market capitalization of $51.88 billion, a PE ratio of -147.78 and a beta of 1.07. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. 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 (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Equities analysts anticipate that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In other news, CAO Gene Liu sold 568 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $312.08, for a total value of $177,261.44. Following the completion of the sale, the chief accounting officer now owns 52,142 shares in the company, valued at approximately $16,272,475.36. This trade represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $322.31, for a total value of $2,561,719.88. Following the transaction, the chief executive officer now directly owns 270,232 shares in the company, valued at $87,098,475.92. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 263,033 shares of company stock worth $68,608,284. 38.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

Several large investors have recently bought and sold shares of the company. Virtu Financial LLC purchased a new position in shares of Atlassian in the third quarter valued at $606,000. Fulton Bank N.A. purchased a new position in Atlassian in the 4th quarter valued at about $447,000. Allworth Financial LP grew its stake in shares of Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after acquiring an additional 47 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Atlassian by 20.1% during the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company’s stock worth $7,458,000 after acquiring an additional 5,088 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Atlassian by 61.4% in the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock worth $1,710,000 after acquiring an additional 4,099 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.