Atlassian (NASDAQ:TEAM) Upgraded at Macquarie

Macquarie upgraded shares of Atlassian (NASDAQ:TEAM) from a neutral rating to an outperform rating in a research report released on Thursday, Marketbeat Ratings reports. Macquarie currently has $270.00 price objective on the technology company’s stock, down from their previous price objective of $317.00.

A number of other brokerages also recently issued reports on TEAM. UBS Group reduced their price target on Atlassian from $330.00 to $230.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 1st. Wells Fargo & Company increased their price objective on shares of Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Raymond James reissued an “outperform” rating and issued a $330.00 price target (up from $250.00) on shares of Atlassian in a report on Friday, January 31st. Truist Financial dropped their target price on Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Finally, Cantor Fitzgerald upgraded shares of Atlassian from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $297.50.

Atlassian Stock Performance

NASDAQ:TEAM opened at $198.37 on Thursday. The stock’s fifty day moving average is $251.13 and its 200 day moving average is $241.25. The firm has a market capitalization of $51.97 billion, a PE ratio of -148.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

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

Insider Buying and Selling

In other news, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the sale, the president now directly owns 210,471 shares in the company, valued at $54,690,889.35. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Gene Liu sold 779 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the sale, the chief accounting officer now directly owns 52,710 shares in the company, valued at approximately $16,867,727.10. The trade was a 1.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock valued at $68,608,284 over the last quarter. Company insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TEAM. JPMorgan Chase & Co. lifted its stake in shares of Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after buying an additional 1,806,042 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in Atlassian in the 4th quarter valued at about $687,486,000. Invesco Ltd. grew its holdings in Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after buying an additional 1,777,179 shares during the period. Geode Capital Management LLC grew its holdings in Atlassian by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock valued at $528,851,000 after purchasing an additional 27,899 shares during the period. Finally, Voya Investment Management LLC increased its position in Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock worth $528,693,000 after purchasing an additional 2,160,810 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.