Wells Fargo & Company Boosts Atlassian (NASDAQ:TEAM) Price Target to $300.00

Atlassian (NASDAQ:TEAM) had its price objective lifted by analysts at Wells Fargo & Company from $250.00 to $300.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 33.72% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. UBS Group increased their price target on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. BMO Capital Markets raised their target price on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday. Scotiabank raised their target price on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday. KeyCorp upgraded shares of Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 target price for the company in a report on Friday. Finally, StockNews.com cut shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $243.16.

Atlassian Stock Performance

Shares of TEAM opened at $224.35 on Friday. The company has a 50-day simple moving average of $173.30 and a 200-day simple moving average of $171.30. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $58.34 billion, a PE ratio of -147.60 and a beta of 0.71. Atlassian has a 52-week low of $135.29 and a 52-week high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The business’s revenue was up 20.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.21) EPS. Equities research analysts predict that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $192.56, for a total transaction of $1,530,466.88. Following the transaction, the chief executive officer now directly owns 333,816 shares of the company’s stock, valued at $64,279,608.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $163.11, for a total transaction of $123,963.60. Following the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at $23,482,294.26. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $192.56, for a total transaction of $1,530,466.88. Following the transaction, the chief executive officer now directly owns 333,816 shares in the company, valued at approximately $64,279,608.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 230,185 shares of company stock valued at $39,155,661. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Lindbrook Capital LLC lifted its position in Atlassian by 8.0% during the third quarter. Lindbrook Capital LLC now owns 1,802 shares of the technology company’s stock valued at $286,000 after buying an additional 133 shares in the last quarter. Verdence Capital Advisors LLC raised its stake in shares of Atlassian by 88.8% during the third quarter. Verdence Capital Advisors LLC now owns 3,503 shares of the technology company’s stock valued at $556,000 after purchasing an additional 1,648 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Atlassian during the third quarter valued at approximately $103,000. AIA Group Ltd purchased a new stake in shares of Atlassian during the third quarter valued at approximately $1,598,000. Finally, Principal Financial Group Inc. raised its stake in shares of Atlassian by 61.4% during the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock valued at $1,710,000 after purchasing an additional 4,099 shares during the period. 93.03% 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.