Atlassian (NASDAQ:TEAM) Upgraded by Cantor Fitzgerald to "Hold" Rating

Atlassian (NASDAQ:TEAM - Get Free Report) was upgraded by Cantor Fitzgerald to a "hold" rating in a report issued on Thursday, MarketBeat reports. The brokerage presently has a $264.00 price target on the technology company's stock. Cantor Fitzgerald's price objective indicates a potential upside of 4.61% from the company's current price.

Several other research firms also recently issued reports on TEAM. Jefferies Financial Group lifted their price objective on Atlassian from $280.00 to $300.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. BMO Capital Markets raised Atlassian from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Citigroup boosted their price target on Atlassian from $255.00 to $300.00 and gave the company a "buy" rating in a report on Friday. Piper Sandler raised their price objective on Atlassian from $265.00 to $310.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. Finally, Raymond James boosted their target price on shares of Atlassian from $200.00 to $250.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $272.00.

Atlassian Trading Down 0.7 %

TEAM traded down $1.89 during trading on Thursday, hitting $252.36. 1,192,393 shares of the company's stock were exchanged, compared to its average volume of 1,559,382. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97. The stock has a 50 day moving average price of $256.36 and a 200 day moving average price of $202.09. The firm has a market cap of $65.72 billion, a P/E ratio of -166.03 and a beta of 0.83. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.64 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company's revenue was up 21.5% on a year-over-year basis. During the same period last year, the business posted ($0.07) EPS. As a group, analysts expect that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $192.18, for a total transaction of $1,527,446.64. Following the completion of the sale, the chief executive officer now directly owns 389,452 shares in the company, valued at approximately $74,844,885.36. This trade represents a 2.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 4,560 shares of the business's stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $1,028,052.00. Following the transaction, the president now directly owns 224,436 shares in the company, valued at $50,599,096.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 280,136 shares of company stock valued at $67,814,587 over the last quarter. Company insiders own 38.55% of the company's stock.

Institutional Trading of Atlassian

A number of institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company's stock worth $37,000 after purchasing an additional 96 shares in the last quarter. True Wealth Design LLC raised its position in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company's stock valued at $37,000 after acquiring an additional 231 shares in the last quarter. Reston Wealth Management LLC acquired a new stake in Atlassian in the third quarter valued at approximately $48,000. Quarry LP grew its position in Atlassian by 143.8% in the second quarter. Quarry LP now owns 373 shares of the technology company's stock worth $66,000 after acquiring an additional 220 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in shares of Atlassian by 23.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company's stock worth $69,000 after purchasing an additional 82 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

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.