Scotiabank Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price target hoisted by Scotiabank from $250.00 to $330.00 in a report issued on Friday morning,Benzinga reports. They currently have a sector perform rating on the technology company’s stock.

Several other research analysts have also issued reports on TEAM. Robert W. Baird lifted their price target on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Piper Sandler lifted their price objective on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday. Mizuho lifted their price objective on shares of Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday. Raymond James lifted their price objective on shares of Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Morgan Stanley boosted their price target on shares of Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a report on Friday. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $307.00.

Atlassian Stock Performance

TEAM opened at $306.78 on Friday. Atlassian has a twelve month low of $135.29 and a twelve month high of $324.37. The stock has a market cap of $79.90 billion, a PE ratio of -201.83 and a beta of 0.83. The business’s 50 day moving average is $260.51 and its 200-day moving average is $208.44. 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 (NASDAQ:TEAM) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. On average, analysts predict that Atlassian will post -0.55 earnings per share for the current year.

Insider Transactions at Atlassian

In related news, President Anutthara Bharadwaj sold 1,659 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total value of $407,798.79. Following the sale, the president now owns 213,511 shares of the company’s stock, valued at $52,483,138.91. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Gene Liu sold 445 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $230.00, for a total transaction of $102,350.00. Following the completion of the sale, the chief accounting officer now directly owns 58,723 shares in the company, valued at approximately $13,506,290. The trade was a 0.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 249,208 shares of company stock worth $63,572,404. 38.55% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares during the last quarter. True Wealth Design LLC grew its stake in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after buying an additional 231 shares during the last quarter. Avion Wealth grew its stake in Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after buying an additional 157 shares during the last quarter. Reston Wealth Management LLC bought a new stake in Atlassian during the third quarter worth about $48,000. Finally, Kestra Investment Management LLC bought a new stake in Atlassian during the fourth quarter worth about $56,000. Institutional investors own 94.45% of the company’s stock.

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.