Cantor Fitzgerald Initiates Coverage on Atlassian (NASDAQ:TEAM)

Research analysts at Cantor Fitzgerald assumed coverage on shares of Atlassian (NASDAQ:TEAM) in a report issued on Friday,Briefing.com Automated Import reports. The brokerage set a “neutral” rating and a $264.00 price target on the technology company’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 3.83% from the company’s previous close.

Several other analysts have also recently commented on the stock. Mizuho increased their price target on shares of Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Truist Financial upgraded shares of Atlassian from a “hold” rating to a “buy” rating and upped their target price for the company from $250.00 to $300.00 in a research report on Tuesday, January 7th. Oppenheimer lifted their price target on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Scotiabank increased their price objective on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company lifted their target price on shares of Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $270.33.

Atlassian Stock Performance

NASDAQ:TEAM opened at $254.25 on Friday. The stock has a market capitalization of $66.21 billion, a P/E ratio of -167.27 and a beta of 0.83. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97. The firm has a 50 day moving average of $256.07 and a 200-day moving average of $201.44. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data 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 firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the company posted ($0.07) EPS. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, President Anutthara Bharadwaj sold 4,560 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $1,028,052.00. Following the completion of the transaction, the president now owns 224,436 shares in the company, valued at approximately $50,599,096.20. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Gene Liu sold 165 shares of Atlassian stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total transaction of $40,563.60. Following the completion of the sale, the chief accounting officer now owns 56,423 shares in the company, valued at $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 270,668 shares of company stock valued at $65,408,691 over the last quarter. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dragoneer Investment Group LLC acquired a new stake in shares of Atlassian in the 2nd quarter valued at approximately $469,803,000. Point72 Asset Management L.P. lifted its stake in Atlassian by 760.5% in the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock valued at $110,972,000 after acquiring an additional 617,566 shares during the last quarter. Two Sigma Advisers LP grew its position in shares of Atlassian by 122.0% in the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after acquiring an additional 551,500 shares during the period. Westfield Capital Management Co. LP acquired a new position in shares of Atlassian during the 3rd quarter worth about $57,149,000. Finally, Parnassus Investments LLC raised its holdings in shares of Atlassian by 322.9% in the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after purchasing an additional 245,286 shares during the period. Institutional investors and hedge funds own 94.45% 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.