Canaccord Genuity Group Increases Atlassian (NASDAQ:TEAM) Price Target to $285.00

Atlassian (NASDAQ:TEAM) had its price objective hoisted by stock analysts at Canaccord Genuity Group from $255.00 to $285.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s target price points to a potential upside of 10.78% from the stock’s previous close.

A number of other brokerages also recently weighed in on TEAM. UBS Group lifted their target price on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Robert W. Baird lifted their price objective on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Mizuho increased their target price on shares of Atlassian from $240.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. BMO Capital Markets lifted their price target on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research note on Friday, November 1st. Finally, Oppenheimer increased their price objective on shares of Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $258.00.

Atlassian Stock Up 2.4 %

Atlassian stock opened at $257.26 on Friday. The firm has a 50 day moving average price of $237.54 and a two-hundred day moving average price of $190.31. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian has a 52-week low of $135.29 and a 52-week high of $287.97. The firm has a market cap of $67.00 billion, a price-to-earnings ratio of -169.25 and a beta of 0.80.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the business earned ($0.07) earnings per share. Atlassian’s revenue for the quarter was up 21.5% on a year-over-year basis. Equities analysts predict that Atlassian will post -0.54 EPS for the current year.

Insider Activity

In other news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $190.00, for a total transaction of $982,680.00. Following the completion of the sale, the chief technology officer now directly owns 204,109 shares of the company’s stock, valued at $38,780,710. This trade represents a 2.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $162.27, for a total transaction of $1,289,721.96. Following the completion of the transaction, the chief executive officer now directly owns 39,740 shares in the company, valued at $6,448,609.80. This trade represents a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 285,298 shares of company stock worth $62,228,660 over the last quarter. Insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds have recently added to or reduced their stakes in the stock. Financial Advocates Investment Management raised its holdings in shares of Atlassian by 1.7% in the 2nd quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock worth $662,000 after purchasing an additional 62 shares during the period. Legacy Wealth Asset Management LLC increased its position in Atlassian by 2.1% in the third quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after buying an additional 70 shares during the last quarter. Brown Brothers Harriman & Co. raised its stake in shares of Atlassian by 23.2% in the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock valued at $69,000 after buying an additional 82 shares during the period. Commerce Bank lifted its position in shares of Atlassian by 1.8% during the 3rd quarter. Commerce Bank now owns 4,966 shares of the technology company’s stock valued at $789,000 after buying an additional 90 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake 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 acquiring an additional 96 shares during the period. Institutional investors own 94.45% of the company’s stock.

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.