Atlassian (NASDAQ:TEAM) Upgraded by Baird R W to Strong-Buy Rating

Atlassian (NASDAQ:TEAM - Get Free Report) was upgraded by investment analysts at Baird R W from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

TEAM has been the subject of several other research reports. Cantor Fitzgerald raised Atlassian from a "neutral" rating to an "overweight" rating and decreased their target price for the stock from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Piper Sandler upped their price target on Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Macquarie upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and dropped their target price for the company from $317.00 to $270.00 in a report on Thursday, April 10th. The Goldman Sachs Group increased their price target 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. Finally, Canaccord Genuity Group boosted their price objective on shares of Atlassian from $255.00 to $285.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Six investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Atlassian has a consensus rating of "Moderate Buy" and a consensus price target of $297.73.

Atlassian Trading Down 1.2 %

Shares of Atlassian stock traded down $2.56 during midday trading on Monday, reaching $202.75. 1,564,440 shares of the company's stock traded hands, compared to its average volume of 2,049,295. The company has a market cap of $53.12 billion, a PE ratio of -151.30 and a beta of 1.07. The stock has a 50 day moving average of $239.67 and a 200-day moving average of $242.74. Atlassian has a 12 month low of $135.29 and a 12 month high of $326.00. 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 (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS 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%. As a group, equities analysts expect that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $205.94, for a total value of $1,636,811.12. Following the transaction, the chief executive officer now owns 278,180 shares of the company's stock, valued at approximately $57,288,389.20. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Gene Liu sold 568 shares of the business's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.08, for a total value of $177,261.44. Following the sale, the chief accounting officer now owns 52,142 shares of the company's stock, valued at approximately $16,272,475.36. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 261,513 shares of company stock valued at $67,123,959 in the last ninety days. 38.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TEAM. Massachusetts Financial Services Co. MA purchased a new position in Atlassian during the fourth quarter valued at $687,486,000. Voya Investment Management LLC lifted its position in shares of Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after buying an additional 2,160,810 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after acquiring an additional 1,806,042 shares during the period. Invesco Ltd. raised its stake in Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after acquiring an additional 1,777,179 shares during the period. Finally, Durable Capital Partners LP lifted its holdings in Atlassian by 499.7% during the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock valued at $383,456,000 after purchasing an additional 1,312,820 shares in the last quarter. Hedge funds and other institutional investors 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.