Atlassian (NASDAQ:TEAM) Price Target Raised to $310.00

Atlassian (NASDAQ:TEAM) had its price target boosted by Piper Sandler from $265.00 to $310.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Several other analysts have also recently commented on TEAM. Macquarie started coverage on Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 target price on the stock. Wells Fargo & Company increased their price target on shares of Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Truist Financial raised their price objective on shares of Atlassian from $200.00 to $250.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. UBS Group boosted 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. Finally, Jefferies Financial Group increased their target price on Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Nine equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $264.25.

Atlassian Price Performance

TEAM opened at $244.49 on Monday. The firm has a market cap of $63.67 billion, a price-to-earnings ratio of -160.85 and a beta of 0.83. Atlassian has a twelve month low of $135.29 and a twelve month high of $287.97. 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 company has a fifty day simple moving average of $251.77 and a 200 day simple moving average of $198.18.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data 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 firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. Atlassian’s revenue for the quarter was up 21.5% compared to the same quarter last year. Equities research analysts expect that Atlassian will post -0.54 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $190.00, for a total value of $982,680.00. Following the transaction, the chief technology officer now owns 204,109 shares in the company, valued at $38,780,710. This trade represents a 2.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $243.35, for a total value of $1,934,145.80. Following the sale, the chief executive officer now directly owns 445,088 shares of the company’s stock, valued at $108,312,164.80. This represents a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 277,350 shares of company stock valued at $64,990,352 over the last ninety days. 38.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently modified their holdings of TEAM. Fulton Bank N.A. acquired a new position in Atlassian in the fourth quarter valued at approximately $447,000. Park National Corp OH acquired a new position in shares of Atlassian in the 4th quarter valued at $206,000. Diversified Trust Co boosted its position in shares of Atlassian by 23.2% in the 4th quarter. Diversified Trust Co now owns 14,881 shares of the technology company’s stock worth $3,622,000 after purchasing an additional 2,799 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Atlassian by 20.1% during the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company’s stock worth $7,458,000 after purchasing an additional 5,088 shares during the period. Finally, Everence Capital Management Inc. bought a new stake in Atlassian in the fourth quarter valued at about $1,185,000. Institutional investors and hedge funds 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.