Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Atlassian (NASDAQ:TEAM) had its price target upped by Robert W. Baird from $175.00 to $200.00 in a report released on Friday, Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

TEAM has been the subject of several other research reports. StockNews.com cut Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Capital One Financial upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price target for the company in a report on Thursday, July 11th. Piper Sandler upped their price objective on shares of Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday. Canaccord Genuity Group raised their target price on Atlassian from $200.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. 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 report on Friday, August 2nd. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and an average price target of $243.16.

Atlassian Stock Up 19.0 %

NASDAQ:TEAM opened at $224.35 on Friday. 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 company has a market cap of $58.34 billion, a PE ratio of -147.60 and a beta of 0.71. The firm’s 50 day simple moving average is $173.30 and its 200 day simple moving average is $171.13.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The company had revenue of $1.19 billion for 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%. Atlassian’s revenue was up 21.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.07) earnings per share. On average, research analysts anticipate that Atlassian will post -0.58 earnings per share for the current year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $192.56, for a total transaction of $1,530,466.88. Following the completion of the transaction, the chief executive officer now owns 333,816 shares in the company, valued at approximately $64,279,608.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $188.79, for a total value of $143,480.40. Following the sale, the president now directly owns 228,996 shares in the company, valued at $43,232,154.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $192.56, for a total value of $1,530,466.88. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 222,237 shares of company stock worth $38,014,805 in the last ninety days. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TEAM. Sequoia Financial Advisors LLC increased its stake in shares of Atlassian by 37.0% in the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock worth $306,000 after purchasing an additional 520 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Atlassian by 7.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock valued at $27,723,000 after buying an additional 10,434 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in Atlassian by 2.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company’s stock worth $34,213,000 after buying an additional 3,687 shares during the period. International Assets Investment Management LLC purchased a new position in Atlassian in the 3rd quarter valued at approximately $97,350,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Atlassian during the 2nd quarter valued at $12,846,000. 93.03% of the stock is currently owned by institutional investors.

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.