Atlassian (NASDAQ:TEAM) Price Target Raised to $300.00

Atlassian (NASDAQ:TEAM) had its price target increased by Citigroup from $255.00 to $300.00 in a research report report published on Friday,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Several other analysts also recently weighed in on TEAM. Morgan Stanley lifted their target price on shares of Atlassian from $259.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday. Scotiabank boosted their target price on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research report on Friday, November 1st. Cantor Fitzgerald began coverage on shares of Atlassian in a research report on Friday. They issued a “neutral” rating and a $264.00 price target on the stock. Macquarie began coverage on shares of Atlassian in a research note on Thursday, December 12th. They issued a “neutral” rating and a $290.00 target price for the company. Finally, Robert W. Baird lifted their target price on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $272.00.

Atlassian Stock Down 0.7 %

Shares of TEAM opened at $252.36 on Friday. The stock has a market capitalization of $65.72 billion, a PE ratio of -166.03 and a beta of 0.83. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The company’s 50-day simple moving average is $256.36 and its 200-day simple moving average is $202.23.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.07) earnings per share. Analysts forecast that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $189.75, for a total value of $1,508,133.00. Following the completion of the transaction, the chief executive officer now directly owns 357,660 shares of the company’s stock, valued at approximately $67,865,985. This represents a 2.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Gene Liu sold 1,024 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $230,860.80. Following the transaction, the chief accounting officer now directly owns 59,168 shares of the company’s stock, valued at approximately $13,339,425.60. This trade represents a 1.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 272,188 shares of company stock worth $66,287,140 over the last ninety days. Company insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TEAM. Dragoneer Investment Group LLC bought a new stake in Atlassian in the 2nd quarter valued at $469,803,000. Point72 Asset Management L.P. raised its position in shares of Atlassian by 760.5% in the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock valued at $110,972,000 after purchasing an additional 617,566 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Atlassian by 122.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after buying an additional 551,500 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in shares of Atlassian during the 3rd quarter worth about $57,149,000. Finally, Parnassus Investments LLC grew its stake in Atlassian by 322.9% in the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after buying an additional 245,286 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.