Atlassian (NASDAQ:TEAM) Price Target Raised to $285.00

Atlassian (NASDAQ:TEAM) had its target price boosted by Mizuho from $240.00 to $285.00 in a research report report published on Friday morning,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Several other equities analysts have also issued reports on TEAM. Morgan Stanley boosted their price target on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Wells Fargo & Company upped their target price on Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Robert W. Baird raised their target price on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Macquarie initiated coverage on shares of Atlassian in a report on Thursday. They issued a “neutral” rating and a $290.00 price target on the stock. Finally, KeyCorp raised their price objective on shares of Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $256.50.

Atlassian Price Performance

NASDAQ TEAM opened at $278.65 on Friday. The stock has a 50-day simple moving average of $229.09 and a 200 day simple moving average of $186.92. Atlassian has a twelve month low of $135.29 and a twelve month high of $287.97. The stock has a market capitalization of $72.57 billion, a PE ratio of -183.32 and a beta of 0.80. 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 posted its quarterly earnings data 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. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Atlassian’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.07) earnings per share. Research analysts anticipate that Atlassian will post -0.54 EPS for the current year.

Insiders Place Their Bets

In other Atlassian news, CAO Gene Liu sold 165 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total value of $40,563.60. Following the transaction, the chief accounting officer now directly owns 56,423 shares in the company, valued at approximately $13,871,030.32. This trade represents a 0.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $278.79, for a total value of $2,215,822.92. Following the sale, the chief executive officer now owns 135,116 shares of the company’s stock, valued at approximately $37,668,989.64. The trade was a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 268,642 shares of company stock valued at $56,973,091 in the last 90 days. 38.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its stake in shares of Atlassian by 304.0% in the 2nd quarter. Blue Trust Inc. now owns 2,044 shares of the technology company’s stock valued at $399,000 after purchasing an additional 1,538 shares during the period. Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Atlassian in the 2nd quarter valued at approximately $242,000. Summit Global Investments boosted its stake in Atlassian by 82.0% during the 2nd quarter. Summit Global Investments now owns 10,627 shares of the technology company’s stock worth $1,880,000 after acquiring an additional 4,788 shares during the last quarter. Fifth Third Bancorp grew its holdings in Atlassian by 6.9% during the second quarter. Fifth Third Bancorp now owns 10,836 shares of the technology company’s stock valued at $1,917,000 after purchasing an additional 698 shares during the period. Finally, Lecap Asset Management Ltd. increased its stake in Atlassian by 36.9% in the second quarter. Lecap Asset Management Ltd. now owns 13,765 shares of the technology company’s stock valued at $2,435,000 after purchasing an additional 3,710 shares in the last quarter. Institutional investors own 94.45% 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.