Robert W. Baird Upgrades Atlassian (NASDAQ:TEAM) to “Outperform”

Atlassian (NASDAQ:TEAM) was upgraded by analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a note issued to investors on Monday, MarketBeat reports. The brokerage currently has a $255.00 price objective on the technology company’s stock, down from their prior price objective of $320.00. Robert W. Baird’s target price suggests a potential upside of 23.04% from the company’s current price.

A number of other research analysts have also recently commented on TEAM. UBS Group reduced their price objective on Atlassian from $330.00 to $230.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 1st. KeyCorp reduced their target price on shares of Atlassian from $365.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Oppenheimer raised their price target on shares of Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Jefferies Financial Group cut their price objective on shares of Atlassian from $330.00 to $262.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Finally, Cantor Fitzgerald upgraded Atlassian from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Six investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $300.00.

Atlassian Stock Performance

Shares of TEAM stock opened at $207.25 on Monday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $54.30 billion, a price-to-earnings ratio of -154.66 and a beta of 1.07. Atlassian has a one year low of $135.29 and a one year high of $326.00. The company has a 50 day moving average price of $246.50 and a 200 day moving average price of $241.83.

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

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $202.19, for a total transaction of $1,607,006.12. Following the sale, the director now owns 294,076 shares of the company’s stock, valued at approximately $59,459,226.44. The trade was a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the transaction, the president now owns 210,471 shares of the company’s stock, valued at approximately $54,690,889.35. This represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 263,033 shares of company stock worth $67,893,043 in the last 90 days. 38.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TEAM. Clean Yield Group raised its stake in shares of Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after purchasing an additional 93 shares in the last quarter. Murphy & Mullick Capital Management Corp bought a new stake in shares of Atlassian during the 4th quarter worth about $27,000. Colonial Trust Co SC lifted its stake in shares of Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after acquiring an additional 69 shares during the period. Summit Securities Group LLC bought a new position in shares of Atlassian in the fourth quarter valued at approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Atlassian during the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds 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.