Wall Street Zen Downgrades Atlassian (NASDAQ:TEAM) to Buy

Atlassian (NASDAQ:TEAM) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

TEAM has been the topic of several other research reports. Canaccord Genuity Group cut their price objective on Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Jefferies Financial Group set a $150.00 price objective on Atlassian in a report on Friday, February 6th. Citigroup cut their price objective on Atlassian from $160.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Mizuho cut their price objective on Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Finally, TD Cowen raised their price objective on Atlassian from $85.00 to $105.00 and gave the company a “hold” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $145.63.

Atlassian Trading Up 15.3%

NASDAQ TEAM opened at $107.61 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian has a twelve month low of $56.01 and a twelve month high of $222.59. The company has a market cap of $27.31 billion, a price-to-earnings ratio of -129.65, a price-to-earnings-growth ratio of 5.29 and a beta of 0.90. The business’s fifty day moving average is $75.55 and its 200 day moving average is $108.19.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the business posted $0.97 EPS. Atlassian’s revenue for the quarter was up 31.7% on a year-over-year basis. As a group, sell-side analysts expect that Atlassian will post 0.81 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CRO Brian Duffy sold 1,986 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $174,271.50. Following the sale, the executive owned 236,841 shares of the company’s stock, valued at $20,782,797.75. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. This represents a 2.97% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 10,891 shares of company stock worth $955,683. 36.66% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

Several institutional investors have recently modified their holdings of TEAM. AQR Capital Management LLC grew its stake in shares of Atlassian by 291.4% in the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after purchasing an additional 5,769,788 shares during the last quarter. DNB Asset Management AS boosted its position in Atlassian by 266.6% during the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after acquiring an additional 2,041,210 shares during the last quarter. Norges Bank bought a new stake in Atlassian during the fourth quarter valued at $323,526,000. Morgan Stanley boosted its position in Atlassian by 52.4% during the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after acquiring an additional 1,657,309 shares during the last quarter. Finally, KBC Group NV boosted its position in Atlassian by 1,691.2% during the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after acquiring an additional 1,359,624 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

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.