Atlassian (NASDAQ:TEAM) Rating Increased to Moderate Buy at Royal Bank Of Canada

Atlassian (NASDAQ:TEAM) was upgraded by stock analysts at Royal Bank Of Canada to a “moderate buy” rating in a report released on Tuesday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Wall Street Zen downgraded Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. KeyCorp raised their price target on Atlassian from $115.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Piper Sandler cut their price objective on Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. FBN Securities restated an “outperform” rating and set a $170.00 target price on shares of Atlassian in a report on Monday, August 10th. Finally, UBS Group raised their target price on Atlassian from $95.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Twenty-five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $178.63.

Atlassian Stock Performance

NASDAQ:TEAM opened at $168.47 on Tuesday. The firm has a market capitalization of $42.75 billion, a PE ratio of -886.68, a price-to-earnings-growth ratio of 13.08 and a beta of 1.05. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian has a 12-month low of $56.01 and a 12-month high of $184.00. The firm has a 50-day moving average price of $110.69 and a 200 day moving average price of $90.71.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the previous year, the firm earned $0.98 EPS. Atlassian’s quarterly revenue was up 27.6% on a year-over-year basis. Research analysts anticipate that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the sale, the chief financial officer directly owned 279,218 shares in the company, valued at $48,151,144.10. The trade was a 3.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,851 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $319,204.95. Following the transaction, the executive directly owned 218,223 shares of the company’s stock, valued at $37,632,556.35. This represents a 0.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 30,349 shares of company stock worth $4,418,849. Company insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Large investors have recently bought and sold shares of the company. MV Capital Management Inc. acquired a new stake in shares of Atlassian in the fourth quarter valued at approximately $25,000. Manning & Napier Advisors LLC acquired a new position in Atlassian during the second quarter worth $27,000. MassMutual Private Wealth & Trust FSB grew its position in Atlassian by 139.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock valued at $29,000 after purchasing an additional 220 shares in the last quarter. Western Wealth Management LLC bought a new position in Atlassian in the first quarter valued at $30,000. Finally, State of Wyoming grew its position in Atlassian by 65.7% in the first quarter. State of Wyoming now owns 449 shares of the technology company’s stock valued at $31,000 after purchasing an additional 178 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.