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

Atlassian Corporation PLC (NASDAQ:TEAM) has earned a consensus recommendation of “Moderate Buy” from the thirty-one brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $240.00.

A number of analysts recently commented on the company. Wall Street Zen upgraded Atlassian from a “hold” rating to a “buy” rating in a research report on Saturday, September 13th. TD Cowen reduced their price target on shares of Atlassian from $220.00 to $205.00 and set a “hold” rating for the company in a research report on Monday, October 27th. Bank of America assumed coverage on shares of Atlassian in a report on Tuesday, September 23rd. They issued a “neutral” rating and a $200.00 price objective on the stock. Canaccord Genuity Group restated a “buy” rating and set a $230.00 target price on shares of Atlassian in a research report on Wednesday, October 22nd. Finally, Guggenheim began coverage on shares of Atlassian in a research report on Thursday, September 11th. They issued a “buy” rating and a $225.00 price target on the stock.

Insider Buying and Selling

In related news, President Anutthara Bharadwaj sold 9,847 shares of Atlassian stock in a transaction on Friday, November 14th. The stock was sold at an average price of $152.46, for a total transaction of $1,501,273.62. Following the transaction, the president directly owned 242,092 shares in the company, valued at approximately $36,909,346.32. The trade was a 3.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the business’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $175.17, for a total value of $1,342,678.05. Following the sale, the chief executive officer directly owned 91,980 shares of the company’s stock, valued at $16,112,136.60. This represents a 7.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 581,181 shares of company stock valued at $92,602,385. 36.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atlassian

Several large investors have recently added to or reduced their stakes in the company. Capco Asset Management LLC purchased a new stake in shares of Atlassian in the second quarter worth $25,000. Physician Wealth Advisors Inc. boosted its holdings in Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after buying an additional 61 shares during the period. Atlantic Union Bankshares Corp increased its stake in Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after buying an additional 199 shares in the last quarter. Smithfield Trust Co increased its stake in Atlassian by 90.7% in the 1st quarter. Smithfield Trust Co now owns 164 shares of the technology company’s stock worth $34,000 after buying an additional 78 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after acquiring an additional 161 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Stock Up 1.5%

Shares of Atlassian stock opened at $153.91 on Wednesday. Atlassian has a twelve month low of $139.70 and a twelve month high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The company’s 50 day moving average is $155.61 and its 200 day moving average is $178.10. The company has a market cap of $40.50 billion, a price-to-earnings ratio of -216.77, a price-to-earnings-growth ratio of 28.59 and a beta of 0.89.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.21. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The firm’s revenue was up 20.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.77 EPS. Research analysts anticipate that Atlassian will post -0.34 EPS for the current year.

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.