Atlassian (NASDAQ:TEAM) Upgraded by Cantor Fitzgerald to “Hold” Rating

Cantor Fitzgerald upgraded shares of Atlassian (NASDAQ:TEAM) to a hold rating in a report issued on Thursday morning, Marketbeat.com reports. Cantor Fitzgerald currently has $264.00 price objective on the technology company’s stock.

A number of other equities research analysts have also weighed in on TEAM. Canaccord Genuity Group boosted their price target on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Truist Financial raised shares of Atlassian from a “hold” rating to a “buy” rating and boosted their target price for the stock from $250.00 to $300.00 in a research report on Tuesday, January 7th. Oppenheimer raised their price target on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Wells Fargo & Company boosted their price objective on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Piper Sandler lifted their price target on Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $272.00.

Atlassian Trading Down 0.7 %

NASDAQ:TEAM opened at $252.36 on Thursday. The stock has a market capitalization of $65.72 billion, a price-to-earnings ratio of -166.03 and a beta of 0.83. Atlassian has a 52 week low of $135.29 and a 52 week high of $287.97. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The firm has a 50 day moving average of $256.36 and a 200 day moving average of $201.95.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the firm posted ($0.07) earnings per share. The business’s quarterly revenue was up 21.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $188.56, for a total transaction of $1,498,674.88. Following the completion of the transaction, the chief executive officer now owns 373,556 shares in the company, valued at $70,437,719.36. This represents a 2.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Gene Liu sold 165 shares of Atlassian stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the sale, the chief accounting officer now owns 56,423 shares in the company, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 280,136 shares of company stock valued at $67,814,587 in the last three months. 38.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. acquired a new stake in Atlassian in the 2nd quarter valued at about $444,000. Dimensional Fund Advisors LP grew its position in shares of Atlassian by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 150,393 shares of the technology company’s stock valued at $26,597,000 after purchasing an additional 5,878 shares in the last quarter. Amalgamated Bank grew its position in shares of Atlassian by 3.5% in the second quarter. Amalgamated Bank now owns 10,608 shares of the technology company’s stock valued at $1,876,000 after purchasing an additional 363 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in Atlassian by 4.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,389 shares of the technology company’s stock worth $1,830,000 after buying an additional 440 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its stake in Atlassian by 9.7% during the second quarter. Hsbc Holdings PLC now owns 143,272 shares of the technology company’s stock worth $25,284,000 after buying an additional 12,675 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Company Profile

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.