Atlassian (NASDAQ:TEAM) Given New $300.00 Price Target at Jefferies Financial Group

Atlassian (NASDAQ:TEAM) had its target price increased by Jefferies Financial Group from $280.00 to $300.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Other analysts also recently issued reports about the stock. Scotiabank increased their price objective on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research report on Friday, November 1st. Wells Fargo & Company boosted their price objective on shares of Atlassian from $250.00 to $300.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Barclays cut their price target on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Piper Sandler upped their price objective on shares of Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Finally, The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and increased their price target for the stock from $200.00 to $230.00 in a report on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $244.21.

Atlassian Price Performance

Shares of TEAM stock traded down $8.93 on Thursday, reaching $241.06. The stock had a trading volume of 737,360 shares, compared to its average volume of 1,857,735. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a 12 month low of $135.29 and a 12 month high of $258.69. The firm’s 50-day moving average is $184.61 and its two-hundred day moving average is $173.61.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm earned ($0.07) earnings per share. Atlassian’s quarterly revenue was up 21.5% on a year-over-year basis. On average, equities research analysts predict that Atlassian will post -0.56 earnings per share for the current year.

Insider Activity

In related news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $190.00, for a total transaction of $982,680.00. Following the sale, the chief technology officer now owns 204,109 shares of the company’s stock, valued at $38,780,710. The trade was a 2.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $164.81, for a total transaction of $1,309,909.88. Following the completion of the transaction, the chief executive officer now owns 182,804 shares of the company’s stock, valued at approximately $30,127,927.24. The trade was a 4.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 246,248 shares of company stock worth $45,553,294. Corporate insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Asset Dedication LLC grew its holdings in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares in the last quarter. Trust Co. of Vermont grew its position in shares of Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after acquiring an additional 174 shares during the last quarter. Rothschild Investment LLC purchased a new position in Atlassian in the 2nd quarter valued at $36,000. Crewe Advisors LLC acquired a new stake in Atlassian in the first quarter valued at $43,000. Finally, True Wealth Design LLC raised its stake in shares of Atlassian by 23,100.0% during the 3rd 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. Hedge funds and other institutional investors own 93.03% 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.