Piper Sandler Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target increased by Piper Sandler from $310.00 to $365.00 in a report issued on Friday,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

Several other research analysts have also weighed in on TEAM. Macquarie began coverage on shares of Atlassian in a research note on Thursday, December 12th. They set a “neutral” rating and a $290.00 price objective on the stock. Canaccord Genuity Group lifted their price target on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Citigroup lifted their price objective on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Mizuho lifted their price objective on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a report on Friday. Finally, Jefferies Financial Group lifted their price objective on shares of Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a report on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $307.00.

Atlassian Trading Up 14.9 %

TEAM opened at $306.78 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $79.90 billion, a PE ratio of -201.83 and a beta of 0.83. Atlassian has a 1-year low of $135.29 and a 1-year high of $324.37. The firm has a 50-day moving average price of $260.51 and a two-hundred day moving average price of $208.44.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. As a group, equities analysts anticipate that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $224.33, for a total value of $1,782,974.84. Following the completion of the sale, the chief executive officer now owns 294,076 shares of the company’s stock, valued at approximately $65,970,069.08. The trade was a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 1,659 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total transaction of $407,798.79. Following the completion of the sale, the president now directly owns 213,511 shares of the company’s stock, valued at approximately $52,483,138.91. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 249,208 shares of company stock worth $63,572,404 over the last ninety days. Insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Institutional investors and hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC lifted its holdings in shares of Atlassian by 17.5% in the fourth quarter. Global Retirement Partners LLC now owns 787 shares of the technology company’s stock worth $192,000 after acquiring an additional 117 shares during the last quarter. Kestra Investment Management LLC bought a new position in shares of Atlassian in the fourth quarter worth about $56,000. Atria Wealth Solutions Inc. bought a new position in shares of Atlassian in the fourth quarter worth about $4,895,000. Venturi Wealth Management LLC lifted its holdings in shares of Atlassian by 4.0% in the fourth quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock worth $357,000 after acquiring an additional 56 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of Atlassian by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 33,681 shares of the technology company’s stock worth $8,197,000 after acquiring an additional 1,739 shares during the last quarter. 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.