Atlassian (NASDAQ:TEAM) Price Target Raised to $325.00

Atlassian (NASDAQ:TEAM) had its price target increased by Jefferies Financial Group from $300.00 to $325.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 22.73% from the company’s previous close.

TEAM has been the topic of several other reports. BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. Oppenheimer boosted their price target on Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Scotiabank raised their price objective on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research report on Friday, November 1st. Cantor Fitzgerald began coverage on Atlassian in a research note on Friday, January 17th. They set a “neutral” rating and a $264.00 target price for the company. Finally, Canaccord Genuity Group increased their price target on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Nine analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $273.19.

Atlassian Stock Performance

TEAM opened at $264.81 on Friday. The business’s 50-day simple moving average is $257.68 and its 200 day simple moving average is $204.80. Atlassian has a 52-week low of $135.29 and a 52-week 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 firm has a market capitalization of $68.97 billion, a PE ratio of -174.22 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the business posted ($0.07) EPS. The business’s revenue was up 21.5% compared to the same quarter last year. As a group, sell-side analysts expect that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $278.79, for a total value of $2,215,822.92. Following the transaction, the chief executive officer now directly owns 135,116 shares of the company’s stock, valued at $37,668,989.64. This trade represents a 5.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Anutthara Bharadwaj sold 4,560 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $1,028,052.00. Following the transaction, the president now owns 224,436 shares of the company’s stock, valued at approximately $50,599,096.20. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 272,188 shares of company stock worth $67,421,558 in the last 90 days. Company insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC bought a new stake in shares of Atlassian during the third quarter worth $606,000. Sequoia Financial Advisors LLC boosted its holdings in shares of Atlassian by 37.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after acquiring an additional 520 shares in the last quarter. Fulton Bank N.A. bought a new stake in Atlassian during the 4th quarter worth $447,000. Paloma Partners Management Co acquired a new position in Atlassian in the 3rd quarter worth about $1,588,000. Finally, Impax Asset Management Group plc raised its position in Atlassian by 590.6% in 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 purchasing an additional 31,986 shares during the last quarter. Institutional investors 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.