Atlassian (NASDAQ:TEAM) Upgraded at The Goldman Sachs Group

Atlassian (NASDAQ:TEAM) was upgraded by investment analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued on Friday, Briefing.com reports. The brokerage presently has a $230.00 target price on the technology company’s stock, up from their previous target price of $200.00. The Goldman Sachs Group’s target price would indicate a potential upside of 32.76% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Morgan Stanley dropped their price objective on Atlassian from $245.00 to $225.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Canaccord Genuity Group lowered their price target on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a report on Friday, April 26th. Capital One Financial raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective on the stock in a research note on Thursday, July 11th. TD Cowen lowered their target price on shares of Atlassian from $220.00 to $210.00 and set a “hold” rating for the company in a research note on Friday, April 26th. Finally, Piper Sandler raised Atlassian from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $200.00 to $225.00 in a research report on Tuesday, July 2nd. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average target price of $226.31.

Atlassian Trading Down 1.9 %

NASDAQ:TEAM opened at $173.24 on Friday. Atlassian has a 52-week low of $152.34 and a 52-week high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82. The stock has a fifty day simple moving average of $170.10 and a 200-day simple moving average of $192.42. The company has a market capitalization of $45.09 billion, a PE ratio of -274.98 and a beta of 0.74.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $177.07, for a total value of $1,407,352.36. Following the transaction, the chief executive officer now owns 333,816 shares of the company’s stock, valued at $59,108,799.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $177.07, for a total value of $1,407,352.36. Following the sale, the chief executive officer now directly owns 333,816 shares of the company’s stock, valued at $59,108,799.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Gene Liu sold 199 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total transaction of $36,665.75. Following the transaction, the chief accounting officer now directly owns 45,666 shares of the company’s stock, valued at approximately $8,413,960.50. The disclosure for this sale can be found here. Insiders sold a total of 275,285 shares of company stock worth $47,692,054 over the last 90 days. Insiders own 40.48% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of hedge funds have recently made changes to their positions in TEAM. Arkadios Wealth Advisors acquired a new stake in Atlassian in the fourth quarter worth approximately $202,000. Vanguard Group Inc. boosted its stake in shares of Atlassian by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock worth $3,652,495,000 after acquiring an additional 504,181 shares in the last quarter. Diversified Trust Co lifted its holdings in shares of Atlassian by 27.6% during the first quarter. Diversified Trust Co now owns 14,036 shares of the technology company’s stock valued at $2,739,000 after purchasing an additional 3,035 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Atlassian by 7.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock worth $27,723,000 after buying an additional 10,434 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in shares of Atlassian in the 4th quarter valued at approximately $13,805,000. Institutional investors own 93.03% of the company’s stock.

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.