Oppenheimer Reaffirms Outperform Rating for Atlassian (NASDAQ:TEAM)

Oppenheimer reiterated their outperform rating on shares of Atlassian (NASDAQ:TEAM) in a research note issued to investors on Monday, Benzinga reports. Oppenheimer currently has a $230.00 target price on the technology company’s stock.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird downgraded shares of Atlassian from an outperform rating to a neutral rating and cut their target price for the company from $230.00 to $175.00 in a research note on Friday, August 2nd. BMO Capital Markets lowered their target price on Atlassian from $220.00 to $177.00 and set a market perform rating for the company in a research note on Friday, August 2nd. Morgan Stanley decreased their price target on Atlassian from $245.00 to $225.00 and set an overweight rating for the company in a report on Wednesday, July 17th. Baird R W downgraded shares of Atlassian from a strong-buy rating to a hold rating in a research note on Friday, August 2nd. Finally, StockNews.com downgraded shares of Atlassian from a buy rating to a hold rating in a research note on Friday, July 12th. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $217.69.

Atlassian Stock Up 0.8 %

Shares of TEAM opened at $163.14 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian has a 1-year low of $135.29 and a 1-year high of $258.69. The firm has a 50 day simple moving average of $160.62 and a 200-day simple moving average of $174.45.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.21) earnings per share. Analysts anticipate that Atlassian will post -0.58 earnings per share for the current year.

Insider Activity

In related news, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the sale, the chief executive officer now directly owns 294,076 shares in the company, valued at $41,329,441.04. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.00, for a total value of $133,000.00. Following the completion of the sale, the president now owns 152,534 shares of the company’s stock, valued at approximately $26,693,450. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total value of $1,117,011.92. Following the completion of the transaction, the chief executive officer now owns 294,076 shares in the company, valued at approximately $41,329,441.04. The disclosure for this sale can be found here. Insiders have sold 232,211 shares of company stock worth $38,833,675 in the last 90 days. Company insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TEAM. Dragoneer Investment Group LLC bought a new stake in Atlassian during the second quarter worth approximately $469,803,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Atlassian by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock worth $2,173,847,000 after buying an additional 904,138 shares during the period. Manning & Napier Advisors LLC acquired a new position in Atlassian in the 2nd quarter valued at $91,072,000. Vanguard Group Inc. grew its stake in Atlassian by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after buying an additional 504,181 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in Atlassian in the 1st quarter worth $55,307,000. Institutional investors and hedge funds own 93.03% of the company’s stock.

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.