Atlassian (NASDAQ:TEAM) Earns Outperform Rating from Analysts at BNP Paribas Exane

BNP Paribas Exane began coverage on shares of Atlassian (NASDAQ:TEAM) in a research report issued on Monday. The brokerage set an “outperform” rating and a $95.00 price target on the technology company’s stock. BNP Paribas Exane’s target price suggests a potential upside of 26.31% from the company’s previous close.

A number of other research analysts also recently issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $200.00 price objective (down from $280.00) on shares of Atlassian in a research report on Friday, February 6th. BTIG Research decreased their target price on shares of Atlassian from $220.00 to $140.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Cantor Fitzgerald lowered their target price on shares of Atlassian from $240.00 to $146.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. BMO Capital Markets set a $130.00 price target on Atlassian and gave the stock an “outperform” rating in a research report on Friday, February 6th. Finally, Wall Street Zen lowered Atlassian from a “buy” rating to a “hold” rating in a report on Sunday. Twenty-two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $181.78.

Atlassian Trading Up 2.5%

Shares of NASDAQ TEAM opened at $75.21 on Monday. Atlassian has a 1-year low of $67.85 and a 1-year high of $242.00. The business has a fifty day moving average price of $104.18 and a 200 day moving average price of $140.74. The stock has a market capitalization of $19.84 billion, a P/E ratio of -104.46 and a beta of 0.94. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.10. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.96 earnings per share. Equities research analysts expect that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Friday, February 6th. The shares were sold at an average price of $94.81, for a total transaction of $726,718.65. Following the completion of the sale, the director directly owned 275,940 shares in the company, valued at approximately $26,161,871.40. The trade was a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Joseph Leo Binz sold 1,653 shares of the business’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $134,471.55. Following the sale, the chief financial officer directly owned 208,639 shares in the company, valued at $16,972,782.65. This trade represents a 0.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 327,943 shares of company stock worth $45,665,135 over the last ninety days. Company insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. lifted its stake in Atlassian by 50.7% during the 3rd quarter. SBI Securities Co. Ltd. now owns 40,546 shares of the technology company’s stock valued at $6,475,000 after acquiring an additional 13,643 shares during the period. Intech Investment Management LLC lifted its position in Atlassian by 180.3% during the third quarter. Intech Investment Management LLC now owns 140,984 shares of the technology company’s stock valued at $22,515,000 after purchasing an additional 90,692 shares during the period. Mediolanum International Funds Ltd boosted its holdings in Atlassian by 108.4% in the third quarter. Mediolanum International Funds Ltd now owns 41,963 shares of the technology company’s stock valued at $6,937,000 after purchasing an additional 21,829 shares during the last quarter. Westfield Capital Management Co. LP grew its position in Atlassian by 56.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 322,438 shares of the technology company’s stock worth $51,493,000 after purchasing an additional 116,470 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of Atlassian by 20.3% during the 3rd quarter. Nordea Investment Management AB now owns 721,690 shares of the technology company’s stock valued at $114,695,000 after buying an additional 121,541 shares during 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.