Morgan Stanley Boosts Atlassian (NASDAQ:TEAM) Price Target to $224.00

Atlassian (NASDAQ:TEAM) had its price objective upped by Morgan Stanley from $216.00 to $224.00 in a research note published on Friday, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Other analysts have also recently issued reports about the stock. Baird R W cut shares of Atlassian from a strong-buy rating to a hold rating in a research note on Friday, August 2nd. The Goldman Sachs Group upgraded Atlassian from a neutral rating to a buy rating and boosted their target price for the stock from $200.00 to $230.00 in a research report on Friday, August 2nd. StockNews.com cut Atlassian from a buy rating to a hold rating in a report on Friday, July 12th. Wells Fargo & Company cut their price objective on Atlassian from $285.00 to $250.00 and set an overweight rating for the company in a report on Friday, June 21st. Finally, Piper Sandler upgraded shares of Atlassian from a neutral rating to an overweight rating and upped their price objective for the stock from $200.00 to $225.00 in a research report on Tuesday, July 2nd. Ten analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $216.29.

Atlassian Price Performance

Atlassian stock opened at $187.06 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian has a one year low of $135.29 and a one year high of $258.69. The firm has a market capitalization of $48.64 billion, a P/E ratio of -161.26 and a beta of 0.73. The business has a fifty day moving average price of $159.83 and a 200-day moving average price of $171.85.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the company earned ($0.21) EPS. The firm’s revenue was up 20.5% compared to the same quarter last year. As a group, equities research analysts forecast that Atlassian will post -0.58 EPS for the current year.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $187.54, for a total value of $1,490,567.92. Following the transaction, the chief executive officer now directly owns 437,140 shares of the company’s stock, valued at $81,981,235.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the 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 completion of the sale, the chief technology officer now directly owns 204,109 shares in the company, valued at approximately $38,780,710. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $187.54, for a total value of $1,490,567.92. Following the transaction, the chief executive officer now owns 437,140 shares in the company, valued at approximately $81,981,235.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 230,185 shares of company stock valued at $37,974,043. Insiders own 40.48% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. Asset Dedication LLC lifted its stake in Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after acquiring an additional 108 shares during the period. Hollencrest Capital Management boosted its stake in shares of Atlassian by 383.9% during the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after purchasing an additional 119 shares in the last quarter. Trust Co. of Vermont increased 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 valued at $32,000 after buying an additional 174 shares during the period. Rothschild Investment LLC bought a new position in Atlassian in the second quarter worth about $36,000. Finally, GAMMA Investing LLC lifted its holdings in Atlassian by 68.6% in 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 period. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Company Profile

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.