Atlassian (NASDAQ:TEAM) Reaches New 1-Year High Following Analyst Upgrade

Atlassian Co. (NASDAQ:TEAM)’s stock price hit a new 52-week high on Monday after Macquarie raised their price target on the stock from $290.00 to $317.00. Macquarie currently has a neutral rating on the stock. Atlassian traded as high as $324.58 and last traded at $323.67, with a volume of 795442 shares trading hands. The stock had previously closed at $314.28.

Several other equities analysts have also recently issued reports on TEAM. Jefferies Financial Group lifted their price objective on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, January 24th. StockNews.com upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a research report on Monday, February 3rd. The Goldman Sachs Group raised their target price on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Scotiabank upped their price target on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday, January 31st. Finally, Raymond James reissued an “outperform” rating and set a $330.00 price objective (up from $250.00) on shares of Atlassian in a research note on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and a consensus target price of $319.71.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $254.76, for a total value of $387,235.20. Following the transaction, the president now directly owns 211,991 shares in the company, valued at $54,006,827.16. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Gene Liu sold 165 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total value of $40,563.60. Following the sale, the chief accounting officer now owns 56,423 shares of the company’s stock, valued at $13,871,030.32. The trade was a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 264,653 shares of company stock worth $70,451,743 in the last three months. Company insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. raised its holdings in shares of Atlassian by 760.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock valued at $110,972,000 after buying an additional 617,566 shares during the period. Two Sigma Advisers LP grew its position in Atlassian by 122.0% in the third quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after acquiring an additional 551,500 shares in the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Atlassian during the third quarter valued at approximately $57,149,000. Parnassus Investments LLC raised its stake in shares of Atlassian by 322.9% during the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after purchasing an additional 245,286 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in shares of Atlassian by 12,047.2% during the fourth quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company’s stock worth $55,521,000 after purchasing an additional 226,246 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Stock Down 2.5 %

The firm has a market capitalization of $82.53 billion, a PE ratio of -235.07 and a beta of 0.87. The company has a quick ratio of 1.18, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm’s 50 day moving average price is $267.06 and its two-hundred day moving average price is $214.47.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. As a group, research analysts forecast that Atlassian Co. will post -0.34 EPS for the current fiscal year.

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.