BMO Capital Markets Upgrades Atlassian (NASDAQ:TEAM) to "Outperform"

BMO Capital Markets upgraded shares of Atlassian (NASDAQ:TEAM - Free Report) from a market perform rating to an outperform rating in a report released on Friday, MarketBeat reports. They currently have $292.00 price objective on the technology company's stock, up from their previous price objective of $255.00.

A number of other equities analysts have also weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Atlassian from $300.00 to $350.00 and gave the stock an "overweight" rating in a report on Thursday, December 5th. Scotiabank boosted their price target on Atlassian from $175.00 to $250.00 and gave the stock a "sector perform" rating in a research note on Friday, November 1st. Piper Sandler increased their price objective on Atlassian from $265.00 to $310.00 and gave the company an "overweight" rating in a research report on Monday. Oppenheimer boosted their target price on Atlassian from $270.00 to $300.00 and gave the stock an "outperform" rating in a research report on Monday. Finally, Truist Financial upgraded shares of Atlassian from a "hold" rating to a "buy" rating and upped their target price for the company from $250.00 to $300.00 in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Atlassian has a consensus rating of "Moderate Buy" and an average target price of $266.10.

Atlassian Stock Down 0.9 %

Shares of NASDAQ TEAM traded down $2.10 during trading on Friday, reaching $242.39. The company had a trading volume of 1,809,132 shares, compared to its average volume of 1,979,365. The business's 50-day moving average is $254.33 and its 200 day moving average is $199.37. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a market cap of $63.13 billion, a PE ratio of -159.47 and a beta of 0.83. Atlassian has a 12-month low of $135.29 and a 12-month high of $287.97.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.13. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. Atlassian's revenue was up 21.5% compared to the same quarter last year. During the same period last year, the business earned ($0.07) EPS. As a group, equities analysts forecast that Atlassian will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $278.79, for a total transaction of $2,215,822.92. Following the transaction, the chief executive officer now owns 135,116 shares of the company's stock, valued at $37,668,989.64. The trade was a 5.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $188.79, for a total transaction of $143,480.40. Following the completion of the sale, the president now directly owns 228,996 shares of the company's stock, valued at approximately $43,232,154.84. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 263,480 shares of company stock worth $62,377,979 over the last quarter. 38.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. National Bank of Canada FI raised its position in shares of Atlassian by 21.6% during the second quarter. National Bank of Canada FI now owns 1,156 shares of the technology company's stock valued at $206,000 after buying an additional 205 shares during the last quarter. Quest Partners LLC lifted its stake in Atlassian by 33.3% in the 2nd quarter. Quest Partners LLC now owns 1,805 shares of the technology company's stock worth $319,000 after purchasing an additional 451 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Atlassian by 14.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 22,318 shares of the technology company's stock valued at $3,948,000 after purchasing an additional 2,774 shares during the last quarter. Achmea Investment Management B.V. grew its position in shares of Atlassian by 4.6% during the second quarter. Achmea Investment Management B.V. now owns 26,640 shares of the technology company's stock valued at $4,712,000 after purchasing an additional 1,162 shares in the last quarter. Finally, BOKF NA increased its holdings in shares of Atlassian by 17.9% in the second quarter. BOKF NA now owns 8,305 shares of the technology company's stock worth $1,469,000 after purchasing an additional 1,258 shares during the last quarter. 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.