Cantor Fitzgerald Upgrades Atlassian (NASDAQ:TEAM) to “Hold”

Atlassian (NASDAQ:TEAM) was upgraded by equities researchers at Cantor Fitzgerald to a “hold” rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a $264.00 target price on the technology company’s stock. Cantor Fitzgerald’s price target suggests a potential upside of 4.61% from the stock’s previous close.

A number of other analysts have also recently issued reports on TEAM. Oppenheimer boosted their target price on Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. UBS Group boosted their price objective on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group lifted their target price on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Robert W. Baird increased their price objective on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Finally, Macquarie assumed coverage on Atlassian in a research note on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price target for the company. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and an average target price of $272.00.

Atlassian Trading Down 0.7 %

Shares of TEAM stock opened at $252.36 on Thursday. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The business’s fifty day moving average price is $256.36 and its 200 day moving average price is $201.95. The firm has a market capitalization of $65.72 billion, a PE ratio of -166.03 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm posted ($0.07) EPS. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, sell-side analysts forecast that Atlassian will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, President Anutthara Bharadwaj sold 4,560 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $1,028,052.00. Following 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Gene Liu sold 1,024 shares of Atlassian stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the sale, the chief accounting officer now directly owns 59,168 shares of the company’s stock, valued at approximately $13,339,425.60. The trade was a 1.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 280,136 shares of company stock worth $67,814,587. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Large investors have recently added to or reduced their stakes in the stock. True Wealth Design LLC boosted its stake in Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after purchasing an additional 231 shares during the period. GAMMA Investing LLC increased its position in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares during the period. Reston Wealth Management LLC acquired a new position in Atlassian during the 3rd quarter valued at $48,000. Quarry LP grew its position in Atlassian by 143.8% in the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Atlassian by 23.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after purchasing an additional 82 shares during the period. Institutional investors 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.