Raymond James Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target lifted by Raymond James from $200.00 to $250.00 in a research note published on Friday morning, Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

A number of other equities analysts have also commented on TEAM. Capital One Financial raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective for the company in a research note on Thursday, July 11th. Truist Financial raised their target price on Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research report on Friday. StockNews.com downgraded Atlassian from a “buy” rating to a “hold” rating in a report on Friday, July 12th. The Goldman Sachs Group raised Atlassian from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $200.00 to $230.00 in a research note on Friday, August 2nd. Finally, BMO Capital Markets raised their price objective on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $243.16.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $224.35 on Friday. Atlassian has a 52-week low of $135.29 and a 52-week high of $258.69. The stock has a market capitalization of $58.34 billion, a price-to-earnings ratio of -147.60 and a beta of 0.71. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The stock’s fifty day simple moving average is $173.30 and its 200 day simple moving average is $171.13.

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

Insider Buying and Selling

In other Atlassian news, CTO Rajeev Bashyam Rajan sold 199 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the transaction, the chief technology officer now directly owns 128,957 shares in the company, valued at $18,838,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Atlassian news, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the transaction, the chief technology officer now owns 128,957 shares in the company, valued at $18,838,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s 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 completion of the sale, the chief executive officer now owns 333,816 shares of the company’s stock, valued at $64,279,608.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 222,237 shares of company stock worth $38,014,805. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dragoneer Investment Group LLC bought a new position in Atlassian during the second quarter worth $469,803,000. Price T Rowe Associates Inc. MD grew its position in Atlassian by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock worth $2,173,847,000 after purchasing an additional 904,138 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Atlassian during the 2nd quarter worth about $91,072,000. Quadrature Capital Ltd acquired a new position in shares of Atlassian during the first quarter valued at about $55,307,000. Finally, Swedbank AB bought a new stake in shares of Atlassian in the first quarter valued at about $50,923,000. 93.03% of the stock is 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.