Atlassian (NASDAQ:TEAM) Upgraded to Overweight at Piper Sandler

Atlassian (NASDAQ:TEAM) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Tuesday, MarketBeat.com reports. The firm presently has a $225.00 target price on the technology company’s stock, up from their prior target price of $200.00. Piper Sandler’s target price would suggest a potential upside of 23.45% from the company’s previous close.

TEAM has been the topic of several other research reports. Truist Financial cut their price target on shares of Atlassian from $220.00 to $200.00 and set a “hold” rating on the stock in a report on Friday, April 26th. TD Cowen cut their price target on shares of Atlassian from $220.00 to $210.00 and set a “hold” rating on the stock in a report on Friday, April 26th. Canaccord Genuity Group cut their price target on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, April 26th. KeyCorp initiated coverage on shares of Atlassian in a report on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Finally, Citigroup cut their price target on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a report on Friday, April 12th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $226.94.

Atlassian Stock Performance

TEAM opened at $182.26 on Tuesday. Atlassian has a 52-week low of $152.34 and a 52-week high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82. The company has a market cap of $47.44 billion, a P/E ratio of -289.30 and a beta of 0.74. The firm’s 50-day moving average price is $171.25 and its 200-day moving average price is $200.67.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.27. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the company posted ($0.40) earnings per share. The company’s revenue for the quarter was up 29.9% compared to the same quarter last year. As a group, equities analysts anticipate that Atlassian will post -0.21 EPS for the current fiscal year.

Insider Activity

In other news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $153.84, for a total transaction of $1,222,720.32. Following the transaction, the chief executive officer now owns 55,636 shares in the company, valued at approximately $8,559,042.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $153.84, for a total transaction of $1,222,720.32. Following the transaction, the chief executive officer now owns 55,636 shares in the company, valued at approximately $8,559,042.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Rajeev Bashyam Rajan sold 1,360 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $184.26, for a total value of $250,593.60. Following the transaction, the chief technology officer now owns 134,260 shares in the company, valued at approximately $24,738,747.60. The disclosure for this sale can be found here. Insiders have sold 287,802 shares of company stock worth $51,411,378 in the last quarter. Corporate insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management lifted its holdings in Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after purchasing an additional 119 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in Atlassian in the 1st quarter valued at $40,000. Crewe Advisors LLC purchased a new position in Atlassian in the 1st quarter valued at $43,000. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Atlassian by 271.0% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after purchasing an additional 271 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Atlassian by 255.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock valued at $96,000 after purchasing an additional 291 shares in the last quarter. Hedge funds and other institutional investors own 93.03% 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.