Atlassian Corporation PLC (NASDAQ:TEAM) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) have been assigned a consensus recommendation of “Moderate Buy” from the thirty-one analysts that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $240.00.

Several research analysts have recently commented on TEAM shares. Bank of America began coverage on Atlassian in a report on Tuesday, September 23rd. They issued a “neutral” rating and a $200.00 target price on the stock. Canaccord Genuity Group restated a “buy” rating and set a $230.00 target price on shares of Atlassian in a research report on Wednesday, October 22nd. KeyCorp decreased their price target on Atlassian from $250.00 to $210.00 and set an “overweight” rating on the stock in a report on Thursday, October 23rd. Piper Sandler reissued an “overweight” rating and set a $300.00 price objective on shares of Atlassian in a report on Friday, October 31st. Finally, Macquarie reduced their target price on shares of Atlassian from $250.00 to $240.00 and set an “outperform” rating on the stock in a research note on Monday, November 3rd.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $165.09, for a total value of $1,265,414.85. Following the completion of the sale, the chief executive officer owned 22,995 shares in the company, valued at approximately $3,796,244.55. This represents a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 9,847 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $152.46, for a total value of $1,501,273.62. Following the completion of the transaction, the president directly owned 242,092 shares of the company’s stock, valued at approximately $36,909,346.32. The trade was a 3.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 581,181 shares of company stock valued at $91,943,348. 36.66% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently made changes to their positions in TEAM. Capco Asset Management LLC bought a new stake in Atlassian in the 2nd quarter valued at $25,000. Physician Wealth Advisors Inc. boosted its position in shares of Atlassian by 60.4% in the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after acquiring an additional 61 shares during the period. Atlantic Union Bankshares Corp increased its position in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after acquiring an additional 199 shares during the period. Smithfield Trust Co boosted its holdings in Atlassian by 90.7% in the 1st quarter. Smithfield Trust Co now owns 164 shares of the technology company’s stock valued at $34,000 after purchasing an additional 78 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in shares of Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Stock Up 0.4%

Atlassian stock opened at $161.41 on Wednesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. Atlassian has a fifty-two week low of $139.70 and a fifty-two week high of $326.00. The firm has a fifty day moving average price of $155.14 and a two-hundred day moving average price of $176.28. The firm has a market cap of $42.47 billion, a price-to-earnings ratio of -227.33, a P/E/G ratio of 30.32 and a beta of 0.89.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.83 by $0.21. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the company earned $0.77 EPS. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. As a group, analysts forecast that Atlassian will post -0.34 earnings per share for the current year.

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.