Atlassian (NASDAQ:TEAM) PT Raised to $225.00 at Canaccord Genuity Group

Atlassian (NASDAQ:TEAM) had its target price raised by equities research analysts at Canaccord Genuity Group from $200.00 to $225.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 20.28% from the company’s previous close.

Other research analysts have also issued research reports about the company. BMO Capital Markets cut their price target on Atlassian from $220.00 to $177.00 and set a “market perform” rating on the stock in a report on Friday, August 2nd. Truist Financial cut their price target on Atlassian from $200.00 to $160.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Scotiabank cut their price target on Atlassian from $210.00 to $175.00 and set a “sector perform” rating on the stock in a report on Friday, August 2nd. Oppenheimer reiterated an “outperform” rating and issued a $230.00 price target on shares of Atlassian in a report on Monday, September 23rd. Finally, Wells Fargo & Company lowered their price objective on Atlassian from $285.00 to $250.00 and set an “overweight” rating for the company in a research note on Friday, June 21st. Ten analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $216.29.

Atlassian Stock Up 1.7 %

Shares of Atlassian stock opened at $187.06 on Thursday. Atlassian has a one year low of $135.29 and a one year high of $258.69. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The stock’s 50-day moving average is $158.96 and its 200 day moving average is $172.04. The firm has a market cap of $48.64 billion, a price-to-earnings ratio of -161.26 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.07. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The company’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.21) earnings per share. Equities research analysts anticipate that Atlassian will post -0.58 EPS for the current year.

Insider Transactions at Atlassian

In other news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $190.00, for a total value of $982,680.00. Following the completion of the transaction, the chief technology officer now directly owns 204,109 shares of the company’s stock, valued at $38,780,710. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 437,140 shares of the company’s stock, valued at $81,981,235.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Rajeev Bashyam Rajan sold 5,172 shares of Atlassian stock in a transaction on Friday, October 11th. The shares were sold at an average price of $190.00, for a total value of $982,680.00. Following the sale, the chief technology officer now directly owns 204,109 shares of the company’s stock, valued at $38,780,710. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 238,133 shares of company stock valued at $39,405,557 over the last three months. Company insiders own 40.48% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several large investors have recently added to or reduced their stakes in TEAM. Brown Capital Management LLC boosted its stake in Atlassian by 2.2% during the fourth quarter. Brown Capital Management LLC now owns 115,482 shares of the technology company’s stock valued at $27,469,000 after buying an additional 2,535 shares during the period. Parkwood LLC purchased a new stake in Atlassian during the fourth quarter valued at about $3,793,000. Profund Advisors LLC raised its position in Atlassian by 15.9% during the fourth quarter. Profund Advisors LLC now owns 21,117 shares of the technology company’s stock valued at $5,023,000 after purchasing an additional 2,894 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Atlassian by 3.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,237,507 shares of the technology company’s stock valued at $2,435,095,000 after purchasing an additional 326,673 shares in the last quarter. Finally, American International Group Inc. raised its position in Atlassian by 3.1% during the fourth quarter. American International Group Inc. now owns 10,772 shares of the technology company’s stock valued at $2,562,000 after purchasing an additional 328 shares in the last quarter. Institutional investors 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.