Brokerages Set Atlassian Co. (NASDAQ:TEAM) Target Price at $244.21

Shares of Atlassian Co. (NASDAQ:TEAM) have received a consensus recommendation of “Moderate Buy” from the twenty-two ratings firms that are presently covering the stock, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $244.21.

TEAM has been the topic of several recent analyst reports. UBS Group upped their price objective on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Piper Sandler increased their price target on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Morgan Stanley lifted their price objective on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Raymond James increased their target price on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, KeyCorp raised Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price target on the stock in a research note on Friday, November 1st.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the sale, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. The trade was a 0.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $163.81, for a total value of $1,301,961.88. Following the sale, the director now owns 151,012 shares in the company, valued at $24,737,275.72. This represents a 5.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 249,746 shares of company stock worth $47,702,864 over the last ninety days. 38.55% of the stock is owned by company insiders.

Institutional Trading of Atlassian

Several institutional investors have recently added to or reduced their stakes in TEAM. Sequoia Financial Advisors LLC raised its stake in Atlassian by 37.0% during the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after buying an additional 520 shares in the last quarter. Impax Asset Management Group plc boosted its holdings in shares of Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after acquiring an additional 31,986 shares during the period. Parnassus Investments LLC increased its stake in shares of Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after purchasing an additional 245,286 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Atlassian during the third quarter valued at about $97,350,000. Finally, Aigen Investment Management LP acquired a new position in shares of Atlassian during the third quarter valued at approximately $2,232,000. 93.03% of the stock is owned by institutional investors and hedge funds.

Atlassian Stock Performance

NASDAQ TEAM opened at $261.00 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $269.40. The business has a fifty day moving average of $196.47 and a 200-day moving average of $176.97. The stock has a market cap of $67.97 billion, a price-to-earnings ratio of -176.14 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the company posted ($0.07) EPS. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, analysts predict that Atlassian will post -0.56 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.