Oppenheimer Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its target price hoisted by analysts at Oppenheimer from $270.00 to $300.00 in a report released on Monday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price objective would suggest a potential upside of 17.67% from the stock’s current price.

A number of other equities analysts have also recently issued reports on TEAM. Truist Financial upped their price objective on Atlassian from $200.00 to $250.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. Piper Sandler lifted their price target on shares of Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Jefferies Financial Group increased their price objective on Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Scotiabank boosted their target price on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. Finally, Mizuho increased their target price on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $259.50.

Atlassian Price Performance

Shares of TEAM stock traded up $4.67 on Monday, reaching $254.94. The company had a trading volume of 148,601 shares, compared to its average volume of 1,424,758. The stock has a market capitalization of $66.39 billion, a PE ratio of -167.72 and a beta of 0.83. Atlassian has a one year low of $135.29 and a one year high of $287.97. 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 business’s 50-day moving average is $249.33 and its 200 day moving average is $196.59.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the company earned ($0.07) earnings per share. The company’s quarterly revenue was up 21.5% on a year-over-year basis. Equities research analysts forecast that Atlassian will post -0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Gene Liu sold 1,024 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the sale, the chief accounting officer now directly owns 59,168 shares in the company, valued at $13,339,425.60. This represents a 1.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $242.27, for a total value of $1,925,561.96. Following the completion of the transaction, the chief executive officer now owns 476,880 shares of the company’s stock, valued at approximately $115,533,717.60. This trade represents a 1.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 269,402 shares of company stock worth $62,430,857 over the last three months. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently bought and sold shares of TEAM. Asset Dedication LLC lifted its holdings in shares of 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 during the last quarter. True Wealth Design LLC boosted its position in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares during the last quarter. Reston Wealth Management LLC acquired a new position in Atlassian during the third quarter worth about $48,000. Finally, Quarry LP increased its position in Atlassian by 143.8% during the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the last quarter. 94.45% of the stock is owned by institutional investors.

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.