Atlassian (NASDAQ:TEAM) Price Target Raised to $350.00

Atlassian (NASDAQ:TEAM) had its price objective raised by Barclays from $275.00 to $350.00 in a research note released on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

A number of other research firms have also recently commented on TEAM. Robert W. Baird increased their price target on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Wells Fargo & Company increased their price objective on shares of Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Piper Sandler boosted their target price on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Jefferies Financial Group raised their price target on shares of Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Finally, Cantor Fitzgerald boosted their price objective on shares of Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $318.43.

Atlassian Price Performance

TEAM opened at $320.80 on Monday. The firm has a market capitalization of $83.55 billion, a PE ratio of -239.40 and a beta of 0.87. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The business’s 50-day moving average is $263.77 and its two-hundred day moving average is $211.16. Atlassian has a 1 year low of $135.29 and a 1 year high of $324.37.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 18.00% and a negative net margin of 7.22%. Research analysts anticipate that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $237.04, for a total transaction of $1,883,993.92. Following the completion of the transaction, the director now owns 278,180 shares in the company, valued at $65,939,787.20. This represents a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Gene Liu sold 779 shares of Atlassian stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the sale, the chief accounting officer now owns 52,710 shares in the company, valued at approximately $16,867,727.10. The trade was a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 257,490 shares of company stock worth $66,864,604. 38.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans acquired a new stake in shares of Atlassian in the second quarter valued at about $677,000. Sanctuary Advisors LLC acquired a new stake in Atlassian in the 2nd quarter valued at about $1,022,000. Handelsbanken Fonder AB lifted its stake in Atlassian by 2.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 69,552 shares of the technology company’s stock worth $11,046,000 after purchasing an additional 1,760 shares in the last quarter. GAMMA Investing LLC boosted its holdings 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. Finally, Azzad Asset Management Inc. ADV grew its position in shares of Atlassian by 100.5% in the third quarter. Azzad Asset Management Inc. ADV now owns 3,451 shares of the technology company’s stock valued at $548,000 after purchasing an additional 1,730 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.