Jefferies Financial Group Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price target upped by Jefferies Financial Group from $280.00 to $300.00 in a research report released on Thursday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the technology company’s stock.

A number of other equities analysts have also issued reports on the company. Oppenheimer upped their target price on Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Robert W. Baird upped their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Baird R W lowered shares of Atlassian from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and upped their target price for the company from $200.00 to $230.00 in a research note on Friday, August 2nd. Finally, Wells Fargo & Company lifted their price target on Atlassian from $250.00 to $300.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $244.21.

Atlassian Price Performance

TEAM opened at $240.04 on Thursday. Atlassian has a twelve month low of $135.29 and a twelve month high of $258.69. The firm has a market cap of $62.51 billion, a price-to-earnings ratio of -157.92 and a beta of 0.71. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The company has a fifty day simple moving average of $187.95 and a 200 day simple moving average of $174.60.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm earned ($0.07) earnings per share. The company’s revenue was up 21.5% on a year-over-year basis. Equities research analysts expect that Atlassian will post -0.56 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. This trade represents a 0.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $156.92, for a total transaction of $1,247,200.16. Following the completion of the sale, the chief executive officer now directly owns 214,596 shares of the company’s stock, valued at $33,674,404.32. The trade was a 3.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 246,248 shares of company stock worth $45,553,294. 38.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TEAM. Asset Dedication LLC boosted its position in shares of Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Trust Co. of Vermont grew its position in Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after buying an additional 174 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Atlassian in the second quarter valued at $36,000. GAMMA Investing LLC lifted its position in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares during the last quarter. Finally, True Wealth Design LLC boosted its stake in shares of Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares in the last quarter. 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.