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

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) have been assigned a consensus rating of “Moderate Buy” from the thirty-two research firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $239.2308.

TEAM has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Atlassian from a “hold” rating to a “buy” rating in a report on Saturday, September 13th. Wells Fargo & Company started coverage on Atlassian in a research report on Tuesday, September 30th. They set an “overweight” rating and a $216.00 price target on the stock. TD Cowen dropped their price target on Atlassian from $220.00 to $205.00 and set a “hold” rating for the company in a research note on Monday, October 27th. Guggenheim assumed coverage on Atlassian in a research report on Thursday, September 11th. They set a “buy” rating and a $225.00 price objective on the stock. Finally, Piper Sandler reissued an “overweight” rating and set a $300.00 price objective on shares of Atlassian in a report on Friday, October 31st.

Atlassian Stock Down 4.6%

Shares of NASDAQ TEAM opened at $154.76 on Friday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average of $157.88 and a 200-day moving average of $170.74. The firm has a market capitalization of $40.72 billion, a price-to-earnings ratio of -217.97, a PEG ratio of 23.97 and a beta of 0.88. Atlassian has a 12 month low of $139.70 and a 12 month high of $326.00.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm posted $0.77 earnings per share. Atlassian’s quarterly revenue was up 20.6% on a year-over-year basis. Sell-side analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, President Anutthara Bharadwaj sold 9,847 shares of the business’s stock in a transaction that occurred on 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 sale, the president directly owned 242,092 shares in the company, valued at approximately $36,909,346.32. The trade was a 3.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $157.28, for a total transaction of $1,205,551.20. Following the completion of the sale, the director directly owned 375,585 shares of the company’s stock, valued at $59,072,008.80. This trade represents a 2.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 566,379 shares of company stock worth $88,896,727 over the last ninety days. Insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Atlassian by 6.0% in the third quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock worth $2,951,186,000 after buying an additional 1,049,483 shares during the period. Artisan Partners Limited Partnership boosted its holdings in Atlassian by 66.3% during the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock valued at $787,610,000 after acquiring an additional 1,545,546 shares during the period. State Street Corp grew its position in Atlassian by 1.9% during the 3rd quarter. State Street Corp now owns 3,867,995 shares of the technology company’s stock worth $617,719,000 after acquiring an additional 73,014 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Atlassian by 18.7% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,867,886 shares of the technology company’s stock worth $458,001,000 after purchasing an additional 451,706 shares during the period. Finally, DNB Asset Management AS lifted its position in Atlassian by 266.6% in the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after purchasing an additional 2,041,210 shares during the last quarter. 94.45% of the stock is owned by institutional investors.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.