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

Atlassian (NASDAQ:TEAM) had its price objective boosted by research analysts at Piper Sandler from $265.00 to $310.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price objective suggests a potential upside of 21.01% from the company’s current price.

A number of other research firms have also recently issued reports on TEAM. Canaccord Genuity Group lifted their price objective on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. BMO Capital Markets boosted their price target on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research note on Friday, November 1st. Morgan Stanley raised their price objective on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Raymond James increased their price target on shares of Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Oppenheimer lifted their price objective on shares of Atlassian from $270.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $261.75.

Atlassian Stock Up 2.4 %

NASDAQ:TEAM traded up $5.91 during trading hours on Monday, hitting $256.18. 640,885 shares of the company’s stock traded hands, compared to its average volume of 1,607,911. The stock’s fifty day moving average price is $249.33 and its two-hundred day moving average price is $196.59. The firm has a market cap of $66.72 billion, a P/E ratio of -168.54 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian has a twelve month low of $135.29 and a twelve month high of $287.97.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm earned ($0.07) earnings per share. The firm’s revenue was up 21.5% compared to the same quarter last year. On average, research analysts expect that Atlassian will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $254.76, for a total transaction of $387,235.20. Following the completion of the transaction, the president now owns 211,991 shares of the company’s stock, valued at $54,006,827.16. This represents a 0.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $242.27, for a total transaction of $1,925,561.96. Following the transaction, the chief executive officer now owns 476,880 shares of the company’s stock, valued at $115,533,717.60. The trade was a 1.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 269,402 shares of company stock valued at $62,430,857. 38.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Dragoneer Investment Group LLC acquired a new stake in shares of Atlassian in the second quarter valued at approximately $469,803,000. Point72 Asset Management L.P. raised its holdings in Atlassian by 760.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock valued at $110,972,000 after acquiring an additional 617,566 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of Atlassian by 122.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after purchasing an additional 551,500 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in shares of Atlassian in the third quarter worth $57,149,000. Finally, Parnassus Investments LLC raised its stake in Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after purchasing an additional 245,286 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.