Oppenheimer Reaffirms Outperform Rating for Atlassian (NASDAQ:TEAM)

Atlassian (NASDAQ:TEAM)‘s stock had its “outperform” rating reiterated by investment analysts at Oppenheimer in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $230.00 price objective on the technology company’s stock. Oppenheimer’s target price suggests a potential upside of 41.43% from the stock’s current price.

A number of other brokerages have also recently commented on TEAM. The Goldman Sachs Group upgraded Atlassian from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $200.00 to $230.00 in a research note on Friday, August 2nd. Wells Fargo & Company cut their target price on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a research note on Friday, June 21st. Truist Financial decreased their price target on shares of Atlassian from $200.00 to $160.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Piper Sandler raised shares of Atlassian from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $200.00 to $225.00 in a report on Tuesday, July 2nd. Finally, Baird R W downgraded shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Ten analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $217.69.

Atlassian Stock Up 0.4 %

TEAM opened at $162.62 on Monday. Atlassian has a 1 year low of $135.29 and a 1 year high of $258.69. The firm has a 50 day moving average price of $161.22 and a 200 day moving average price of $174.62. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market cap of $42.33 billion, a PE ratio of -258.13 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.07. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.21) earnings per share. Sell-side analysts expect that Atlassian will post -0.58 earnings per share for the current year.

Insider Transactions at Atlassian

In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the completion of the transaction, the chief technology officer now directly owns 128,957 shares in the company, valued at approximately $18,838,038.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CTO Rajeev Bashyam Rajan sold 199 shares of Atlassian stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the sale, the chief technology officer now directly owns 128,957 shares in the company, valued at approximately $18,838,038.56. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.00, for a total value of $133,000.00. Following the completion of the transaction, the president now directly owns 152,534 shares of the company’s stock, valued at $26,693,450. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 232,211 shares of company stock worth $38,945,503. Insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the business. Asset Dedication LLC increased its position in Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. Hollencrest Capital Management raised its position in Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after purchasing an additional 119 shares during the last quarter. Trust Co. of Vermont lifted its holdings in Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after buying an additional 174 shares in the last quarter. Rothschild Investment LLC bought a new position in Atlassian in the 2nd quarter valued at $36,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Atlassian in the 1st quarter valued at $40,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

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.