Atlassian (NASDAQ:TEAM) Price Target Raised to $315.00

Atlassian (NASDAQ:TEAM) had its target price upped by Morgan Stanley from $259.00 to $315.00 in a report issued on Thursday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the technology company’s stock.

Several other brokerages have also recently commented on TEAM. Macquarie started coverage on shares of Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 target price for the company. Oppenheimer lifted their price target on Atlassian from $270.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Truist Financial raised Atlassian from a “hold” rating to a “buy” rating and lifted their target price for the stock from $250.00 to $300.00 in a report on Tuesday, January 7th. Piper Sandler raised their price target on shares of Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Scotiabank lifted their price target on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research note on Friday, November 1st. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $272.00.

Atlassian Stock Down 0.7 %

Atlassian stock opened at $252.36 on Thursday. The company has a fifty day simple moving average of $256.36 and a 200 day simple moving average of $202.09. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97. The company has a market cap of $65.72 billion, a P/E ratio of -166.03 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last announced its quarterly 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 return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm posted ($0.07) EPS. The company’s quarterly revenue was up 21.5% on a year-over-year basis. Research analysts anticipate that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $188.56, for a total value of $1,498,674.88. Following the transaction, the chief executive officer now directly owns 373,556 shares in the company, valued at $70,437,719.36. This represents a 2.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 4,560 shares of Atlassian stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $1,028,052.00. Following the sale, the president now owns 224,436 shares of the company’s stock, valued at approximately $50,599,096.20. This trade represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 280,136 shares of company stock worth $67,814,587 over the last quarter. 38.55% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares in the last quarter. True Wealth Design LLC lifted its stake in shares of Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares during the last quarter. Reston Wealth Management LLC purchased a new position in shares of Atlassian during the third quarter valued at about $48,000. Quarry LP grew its stake in shares of Atlassian by 143.8% in the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after buying an additional 220 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew 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 worth $69,000 after acquiring an additional 82 shares during the last quarter. Hedge funds and other 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.