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

Atlassian Corporation PLC (NASDAQ:TEAM) has been given a consensus recommendation of “Moderate Buy” by the twenty-nine analysts that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and twenty-four have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $176.2692.

A number of analysts have recently commented on the stock. Piper Sandler cut their price objective on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. FBN Securities reaffirmed an “outperform” rating and issued a $170.00 target price on shares of Atlassian in a research report on Monday, August 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $126.00 price target on shares of Atlassian in a research note on Monday, August 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research report on Friday, July 17th. Finally, Zacks Research downgraded shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th.

Atlassian Price Performance

Shares of Atlassian stock opened at $162.22 on Monday. The business’s 50 day simple moving average is $98.25 and its 200 day simple moving average is $87.76. Atlassian has a 52-week low of $56.01 and a 52-week high of $184.00. The firm has a market cap of $41.17 billion, a PE ratio of -853.79, a P/E/G ratio of 18.33 and a beta of 1.05. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70.

Atlassian (NASDAQ:TEAM) last released its 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 20.07% and a negative net margin of 0.82%.The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the previous year, the business posted $0.98 EPS. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. On average, analysts predict that Atlassian will post 0.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CRO Brian Duffy sold 3,000 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the sale, the executive owned 227,691 shares in the company, valued at approximately $20,426,159.61. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James Chuong sold 8,838 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at $25,295,868. This trade represents a 2.97% 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. Insiders have sold 20,041 shares of company stock worth $1,801,069 in the last quarter. 36.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Several large investors have recently made changes to their positions in TEAM. Baillie Gifford & Co. raised its holdings in Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after acquiring an additional 316,276 shares during the period. Exane Asset Management boosted its holdings in shares of Atlassian by 419.9% during the fourth quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock worth $5,085,000 after acquiring an additional 25,330 shares during the period. Nicholas Company Inc. boosted its holdings in shares of Atlassian by 8.7% during the fourth quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock worth $49,748,000 after acquiring an additional 24,490 shares during the period. Fisher Funds Management LTD grew its position in shares of Atlassian by 11.1% in the fourth quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company’s stock valued at $54,440,000 after purchasing an additional 33,485 shares during the last quarter. Finally, Merit Financial Group LLC grew its position in shares of Atlassian by 339.8% in the fourth quarter. Merit Financial Group LLC now owns 31,565 shares of the technology company’s stock valued at $5,118,000 after purchasing an additional 24,388 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.