Atlassian (NASDAQ:TEAM) Hits New 1-Year High After Analyst Upgrade

Atlassian Co. (NASDAQ:TEAM - Get Free Report) hit a new 52-week high during mid-day trading 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 changing hands. The stock had previously closed at $314.28.

A number of other brokerages also recently issued reports on TEAM. Canaccord Genuity Group upped their price objective on Atlassian from $255.00 to $285.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Citigroup increased their price target on Atlassian from $255.00 to $300.00 and gave the company a "buy" rating in a report on Friday, January 17th. The Goldman Sachs Group lifted their price objective on shares of Atlassian from $245.00 to $370.00 and gave the stock a "buy" rating in a research note on Monday, February 3rd. UBS Group boosted their price objective on shares of Atlassian from $275.00 to $330.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Finally, William Blair restated an "outperform" rating on shares of Atlassian in a report on Friday, January 31st. Eight investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $319.71.

Insider Activity

In other news, CAO Gene Liu sold 165 shares of Atlassian stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total value of $40,563.60. Following the transaction, the chief accounting officer now directly owns 56,423 shares in the company, valued at approximately $13,871,030.32. This trade represents a 0.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $239.19, for a total value of $1,901,082.12. Following the sale, the chief executive officer now owns 230,492 shares of the company's stock, valued at $55,131,381.48. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 264,653 shares of company stock worth $70,451,743. Company insiders own 38.55% of the company's stock.

Hedge Funds Weigh In On Atlassian

Large investors have recently added to or reduced their stakes in the company. Murphy & Mullick Capital Management Corp bought a new stake in shares of Atlassian in the 4th quarter valued at about $27,000. GAMMA Investing LLC lifted its position in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company's stock valued at $37,000 after acquiring an additional 96 shares during the last quarter. True Wealth Design LLC boosted its stake in Atlassian by 23,100.0% in 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. Summit Securities Group LLC purchased a new position in Atlassian in the fourth quarter worth $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Atlassian during the fourth quarter worth $39,000. 94.45% of the stock is currently owned by institutional investors.

Atlassian Stock Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.18 and a current ratio of 1.24. The stock has a market cap of $82.76 billion, a PE ratio of -235.93 and a beta of 0.87. The firm has a fifty day moving average price of $268.61 and a 200 day moving average price of $216.16.

Atlassian (NASDAQ:TEAM - Get Free Report) last released 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 net margin of 7.22% and a negative return on equity of 17.37%. Research analysts forecast that Atlassian Co. will post -0.34 earnings per share 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.