Atlassian (NASDAQ:TEAM) Price Target Raised to $255.00

Atlassian (NASDAQ:TEAM) had its target price increased by BMO Capital Markets from $177.00 to $255.00 in a report released on Friday, MarketBeat Ratings reports. BMO Capital Markets currently has a market perform rating on the technology company’s stock.

Several other analysts have also weighed in on the company. KeyCorp raised Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price objective for the company in a report on Friday. Oppenheimer reissued an “outperform” rating and set a $230.00 price target on shares of Atlassian in a research report on Monday, September 23rd. Morgan Stanley lifted their price objective on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Raymond James raised shares of Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 target price on the stock in a report on Tuesday, October 1st. Finally, The Goldman Sachs Group upgraded 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 research 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 company. According to data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus price target of $243.16.

Atlassian Stock Performance

Atlassian stock opened at $224.35 on Friday. Atlassian has a 52 week low of $135.29 and a 52 week high of $258.69. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The stock has a market cap of $58.34 billion, a P/E ratio of -147.60 and a beta of 0.71. The stock has a 50 day moving average of $173.30 and a 200-day moving average of $171.13.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period last year, the business earned ($0.07) EPS. On average, analysts expect that Atlassian will post -0.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $192.56, for a total transaction of $1,530,466.88. Following the transaction, the chief executive officer now directly owns 333,816 shares in the company, valued at approximately $64,279,608.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $192.56, for a total value of $1,530,466.88. Following the completion of the sale, the chief executive officer now directly owns 333,816 shares of the company’s stock, valued at approximately $64,279,608.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the transaction, the president now directly owns 143,966 shares in the company, valued at $23,482,294.26. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 222,237 shares of company stock worth $38,014,805 over the last ninety days. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Asset Dedication LLC grew its holdings in shares of Atlassian by 229.8% in the 2nd 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 last quarter. Hollencrest Capital Management boosted its position in shares of Atlassian by 383.9% in 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 during the period. Trust Co. of Vermont boosted its position in shares of Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after purchasing an additional 174 shares during the period. Rothschild Investment LLC purchased a new position in Atlassian in the 2nd quarter worth about $36,000. Finally, GAMMA Investing LLC raised its holdings in Atlassian by 68.6% during the 3rd 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. Institutional investors and hedge funds 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.