Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Oppenheimer Analyst Says

Atlassian (NASDAQ:TEAM) had its target price upped by Oppenheimer from $270.00 to $300.00 in a report published on Monday morning,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

TEAM has been the topic of several other research reports. Mizuho boosted their price target on Atlassian from $240.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Morgan Stanley boosted their target price on Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Scotiabank raised their price target on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research report on Friday, November 1st. Macquarie initiated coverage on shares of Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective on the stock. Finally, Jefferies Financial Group increased their price objective on shares of Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $261.75.

Atlassian Trading Up 1.7 %

NASDAQ:TEAM opened at $254.63 on Monday. The stock has a market capitalization of $66.31 billion, a price-to-earnings ratio of -167.52 and a beta of 0.83. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97. The stock has a fifty day moving average price of $250.65 and a two-hundred day moving average price of $197.58. 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 (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business’s revenue was up 21.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) EPS. As a group, sell-side analysts anticipate that Atlassian will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, 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 value of $1,925,561.96. Following the transaction, the chief executive officer now directly owns 476,880 shares of the company’s stock, valued at approximately $115,533,717.60. This trade represents a 1.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on Friday, October 18th. The shares were sold at an average price of $188.79, for a total value of $143,480.40. Following the completion of the transaction, the president now owns 228,996 shares in the company, valued at $43,232,154.84. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 269,402 shares of company stock valued at $62,430,857. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently modified their holdings of the company. Asset Dedication LLC increased its position in Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares in the last quarter. GAMMA Investing LLC grew its stake in Atlassian by 68.6% during 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. True Wealth Design LLC raised its stake in shares of Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares during the period. Reston Wealth Management LLC acquired a new position in shares of Atlassian during the 3rd quarter valued at $48,000. Finally, Quarry LP boosted its position in Atlassian by 143.8% during the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

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.