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

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) have been assigned a consensus recommendation of “Moderate Buy” from the thirty-two ratings firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $239.2308.

A number of research firms have recently commented on TEAM. Cantor Fitzgerald restated an “overweight” rating and issued a $240.00 target price on shares of Atlassian in a research note on Friday, October 31st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a report on Wednesday, October 8th. Truist Financial set a $210.00 price objective on Atlassian in a research report on Friday, October 31st. Wells Fargo & Company initiated coverage on shares of Atlassian in a research report on Tuesday, September 30th. They issued an “overweight” rating and a $216.00 target price on the stock. Finally, BTIG Research initiated coverage on shares of Atlassian in a research note on Tuesday, December 16th. They issued a “buy” rating and a $220.00 price target for the company.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $163.15 on Friday. Atlassian has a 1 year low of $139.70 and a 1 year high of $326.00. The stock has a market capitalization of $42.93 billion, a P/E ratio of -229.79, a P/E/G ratio of 25.27 and a beta of 0.89. The company’s 50-day moving average is $158.22 and its 200 day moving average is $172.07. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.83 by $0.21. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the business posted $0.77 earnings per share. Atlassian’s quarterly revenue was up 20.6% compared to the same quarter last year. On average, sell-side analysts expect that Atlassian will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, President Anutthara Bharadwaj sold 9,847 shares of Atlassian stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $152.46, for a total transaction of $1,501,273.62. Following the completion of the transaction, the president directly owned 242,092 shares in the company, valued at approximately $36,909,346.32. This trade represents 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, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $166.36, for a total value of $1,275,149.40. Following the completion of the sale, the director directly owned 7,665 shares in the company, valued at approximately $1,275,149.40. This represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 566,379 shares of company stock valued at $88,603,157. Corporate insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently modified their holdings of TEAM. Allworth Financial LP boosted its stake in Atlassian by 21.6% in the 3rd quarter. Allworth Financial LP now owns 3,161 shares of the technology company’s stock worth $505,000 after purchasing an additional 561 shares in the last quarter. IFP Advisors Inc increased its stake in Atlassian by 624.6% during the 3rd quarter. IFP Advisors Inc now owns 5,174 shares of the technology company’s stock valued at $826,000 after purchasing an additional 4,460 shares in the last quarter. Swiss Life Asset Management Ltd raised its holdings in Atlassian by 14.7% in the third quarter. Swiss Life Asset Management Ltd now owns 27,397 shares of the technology company’s stock worth $4,375,000 after buying an additional 3,505 shares during the last quarter. Cambria Investment Management L.P. purchased a new position in Atlassian in the third quarter worth about $671,000. Finally, CIBC Bancorp USA Inc. bought a new position in shares of Atlassian in the third quarter worth approximately $1,925,000. 94.45% of the stock is currently owned by institutional investors.

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.