Atlassian (NASDAQ:TEAM) Price Target Raised to $280.00

Atlassian (NASDAQ:TEAM) had its target price boosted by Jefferies Financial Group from $240.00 to $280.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

TEAM has been the subject of a number of other research reports. Morgan Stanley upped their target price on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Baird R W lowered shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and increased their price objective for the company from $200.00 to $230.00 in a report on Friday, August 2nd. JMP Securities raised shares of Atlassian to a “hold” rating in a research note on Friday, August 2nd. Finally, Canaccord Genuity Group upped their price target on Atlassian from $200.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Trading Up 19.0 %

TEAM stock opened at $224.35 on Friday. Atlassian has a 12-month low of $135.29 and a 12-month high of $258.69. The business’s 50-day moving average is $173.30 and its 200 day moving average is $171.13. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The stock has a market cap of $58.34 billion, a price-to-earnings ratio of -147.60 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results 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 23.38% and a negative net margin of 8.59%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the company posted ($0.07) earnings per share. The business’s revenue was up 21.5% on a year-over-year basis. On average, sell-side analysts anticipate that Atlassian will post -0.58 EPS for the current fiscal year.

Insider Activity

In related news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the transaction, the chief executive officer now owns 294,076 shares of the company’s stock, valued at approximately $41,329,441.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the transaction, the chief executive officer now directly owns 294,076 shares in the company, valued at $41,329,441.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of Atlassian stock in a transaction on Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at $18,838,038.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 222,237 shares of company stock valued at $38,014,805. Company insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of institutional investors and hedge funds have recently bought and sold shares of TEAM. Vanguard Group Inc. grew its holdings in shares of Atlassian by 1.4% in the first quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock valued at $3,039,287,000 after purchasing an additional 221,650 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Atlassian by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after buying an additional 904,138 shares during the period. Dragoneer Investment Group LLC acquired a new position in shares of Atlassian in the second quarter worth $469,803,000. Capital International Investors increased its position in shares of Atlassian by 6.3% during the first quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock worth $475,399,000 after acquiring an additional 144,117 shares during the period. Finally, Clearbridge Investments LLC raised its stake in shares of Atlassian by 6.7% in the first quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock valued at $404,059,000 after acquiring an additional 130,253 shares in the last quarter. 93.03% of the stock is currently owned by hedge funds and other 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.