Atlassian (NASDAQ:TEAM) Receives Buy Rating from BTIG Research

BTIG Research restated their buy rating on shares of Atlassian (NASDAQ:TEAM) in a research report report published on Friday,Benzinga reports. The firm currently has a $130.00 price target on the technology company’s stock.

Several other analysts have also recently issued reports on TEAM. Citigroup dropped their target price on Atlassian from $160.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Oppenheimer upped their price objective on Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Atlassian in a research report on Monday, June 29th. Zacks Research lowered Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Finally, Robert W. Baird set a $120.00 target price on shares of Atlassian in a report on Friday, May 1st. Twenty-one analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.70.

Atlassian Trading Down 2.0%

NASDAQ:TEAM opened at $88.86 on Friday. Atlassian has a one year low of $56.01 and a one year high of $206.00. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $22.55 billion, a P/E ratio of -107.06, a P/E/G ratio of 5.11 and a beta of 1.11. The firm has a 50-day simple moving average of $88.16 and a 200-day simple moving average of $94.34.

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

Insiders Place Their Bets

In related news, CFO James Chuong sold 8,838 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the sale, the executive directly owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 20,041 shares of company stock worth $1,801,069 over the last three months. Corporate insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC boosted its holdings in Atlassian by 71.6% in the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock valued at $1,153,000 after purchasing an additional 2,267 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Atlassian by 39.5% during the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after buying an additional 1,328 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Atlassian by 32.6% in the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock valued at $875,000 after buying an additional 1,014 shares in the last quarter. Geneos Wealth Management Inc. grew its position in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after buying an additional 161 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its position in shares of Atlassian by 27.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock valued at $380,000 after purchasing an additional 404 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

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.