Atlassian's (TEAM) Equal Weight Rating Reiterated at Stephens

Atlassian (NASDAQ:TEAM - Get Free Report)'s stock had its "equal weight" rating reaffirmed by equities researchers at Stephens in a report issued on Monday,Benzinga reports. They currently have a $255.00 price target on the technology company's stock. Stephens' target price would indicate a potential upside of 25.77% from the stock's current price.

Several other brokerages have also recently commented on TEAM. William Blair reaffirmed an "outperform" rating on shares of Atlassian in a research report on Friday, January 31st. Piper Sandler lifted their target price on Atlassian from $310.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. JMP Securities reissued a "market perform" rating on shares of Atlassian in a research report on Friday, January 31st. Cantor Fitzgerald raised shares of Atlassian from a "neutral" rating to an "overweight" rating and lowered their price objective for the company from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Finally, Morgan Stanley increased their target price on shares of Atlassian from $315.00 to $370.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Six investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Atlassian currently has a consensus rating of "Moderate Buy" and a consensus price target of $297.73.

Atlassian Price Performance

Shares of TEAM stock traded down $2.56 during midday trading on Monday, reaching $202.75. 1,564,440 shares of the company were exchanged, compared to its average volume of 2,048,175. The company's 50 day moving average price is $239.67 and its two-hundred day moving average price is $242.17. 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 company has a market cap of $53.12 billion, a P/E ratio of -151.30 and a beta of 1.07. Atlassian has a 12 month low of $135.29 and a 12 month high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced 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 net margin of 7.22% and a negative return on equity of 17.37%. On average, sell-side analysts expect that Atlassian will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $255.71, for a total value of $2,032,383.08. Following the sale, the director now owns 381,504 shares of the company's stock, valued at approximately $97,554,387.84. The trade was a 2.04 % 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, President Anutthara Bharadwaj sold 1,723 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total value of $526,962.32. Following the transaction, the president now directly owns 199,934 shares of the company's stock, valued at $61,147,814.56. This trade represents a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 261,513 shares of company stock worth $67,123,959. Company insiders own 38.55% of the company's stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently bought and sold shares of TEAM. Clean Yield Group lifted its position in shares of Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after buying an additional 93 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new stake in Atlassian during the 4th quarter valued at $27,000. Colonial Trust Co SC increased its holdings in shares of Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after purchasing an additional 69 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Atlassian during the 4th quarter worth about $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Atlassian during the 4th quarter worth about $39,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.