Atlassian (NASDAQ:TEAM) Upgraded to “Outperform” at BMO Capital Markets

BMO Capital Markets upgraded shares of Atlassian (NASDAQ:TEAM) from a market perform rating to an outperform rating in a research report report published on Friday morning, MarketBeat.com reports. They currently have $292.00 price target on the technology company’s stock, up from their prior price target of $255.00.

Several other research analysts also recently weighed in on TEAM. Mizuho increased their price target on Atlassian from $240.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Piper Sandler lifted their target price on shares of Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Raymond James upped their price target on shares of Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Truist Financial upgraded shares of Atlassian from a “hold” rating to a “buy” rating and lifted their price objective for the company from $250.00 to $300.00 in a research note on Tuesday. Finally, Oppenheimer increased their target price on Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and an average price target of $266.10.

Atlassian Stock Performance

Shares of TEAM stock opened at $242.39 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market cap of $63.13 billion, a price-to-earnings ratio of -159.47 and a beta of 0.83. Atlassian has a 52 week low of $135.29 and a 52 week high of $287.97. The firm’s 50-day simple moving average is $254.33 and its two-hundred day simple moving average is $199.37.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the firm posted ($0.07) EPS. Atlassian’s revenue was up 21.5% on a year-over-year basis. As a group, equities analysts forecast that Atlassian will post -0.54 earnings per share for the current year.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $189.96, for a total value of $1,509,802.08. Following the completion of the sale, the director now owns 413,296 shares of the company’s stock, valued at approximately $78,509,708.16. The trade was a 1.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Gene Liu sold 1,024 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $230,860.80. Following the sale, the chief accounting officer now owns 59,168 shares of the company’s stock, valued at $13,339,425.60. This represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 263,480 shares of company stock valued at $62,377,979. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently bought and sold shares of TEAM. Wealth Enhancement Advisory Services LLC increased its stake in shares of Atlassian by 3.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,960 shares of the technology company’s stock worth $1,937,000 after buying an additional 230 shares during the period. Fulton Bank N.A. bought a new stake in Atlassian in the 4th quarter worth $447,000. Park National Corp OH purchased a new position in shares of Atlassian in the fourth quarter valued at about $206,000. Diversified Trust Co raised its stake in shares of Atlassian by 23.2% during the fourth quarter. Diversified Trust Co now owns 14,881 shares of the technology company’s stock valued at $3,622,000 after acquiring an additional 2,799 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in shares of Atlassian by 20.1% during the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company’s stock worth $7,458,000 after purchasing an additional 5,088 shares during the period. Institutional investors own 94.45% of the company’s stock.

About Atlassian

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.