Analysts Set Atlassian Co. (NASDAQ:TEAM) Target Price at $319.71

Shares of Atlassian Co. (NASDAQ:TEAM) have received an average rating of “Moderate Buy” from the twenty-four research firms that are covering the firm, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation and sixteen have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $319.71.

A number of analysts have recently issued reports on the stock. JMP Securities reiterated a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. Cantor Fitzgerald lifted their price target on shares of Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Scotiabank upped their price objective on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research report on Friday, January 31st. Morgan Stanley lifted their target price on Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, Macquarie increased their price target on Atlassian from $290.00 to $317.00 and gave the company a “neutral” rating in a report on Friday, February 7th.

Atlassian Stock Down 4.7 %

Shares of Atlassian stock opened at $238.86 on Monday. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00. The stock has a market cap of $62.58 billion, a price-to-earnings ratio of -178.25 and a beta of 0.91. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The company has a fifty day moving average price of $276.11 and a 200 day moving average price of $232.69.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Equities research analysts forecast that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Anutthara Bharadwaj sold 1,723 shares of Atlassian stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total value of $526,962.32. Following the sale, the president now directly owns 199,934 shares in the company, valued at $61,147,814.56. This trade represents a 0.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $236.89, for a total transaction of $1,882,801.72. Following the completion of the transaction, the chief executive officer now owns 421,244 shares of the company’s stock, valued at approximately $99,788,491.16. This trade represents a 1.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 272,501 shares of company stock valued at $74,977,422 over the last quarter. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA bought a new stake in Atlassian during the 4th quarter valued at $687,486,000. Voya Investment Management LLC increased its holdings in shares of Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock valued at $528,693,000 after purchasing an additional 2,160,810 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. Invesco Ltd. lifted its holdings in Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after purchasing an additional 1,777,179 shares during the period. Finally, Durable Capital Partners LP grew its position in Atlassian by 499.7% in the 4th quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company’s stock valued at $383,456,000 after buying an additional 1,312,820 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.