Canaccord Genuity Group Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price objective increased by stock analysts at Canaccord Genuity Group from $255.00 to $285.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 10.78% from the stock’s current price.

TEAM has been the topic of a number of other research reports. Robert W. Baird upped their target price on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Macquarie initiated coverage on Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective on the stock. UBS Group boosted their target price on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Oppenheimer raised their price target on Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company upped their price objective on shares of Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and an average price target of $258.00.

Atlassian Price Performance

Atlassian stock opened at $257.26 on Friday. The firm has a market capitalization of $67.00 billion, a P/E ratio of -169.25 and a beta of 0.80. Atlassian has a one year low of $135.29 and a one year high of $287.97. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The business has a fifty day moving average price of $237.54 and a 200-day moving average price of $190.31.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping 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 business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the company earned ($0.07) EPS. The firm’s revenue was up 21.5% compared to the same quarter last year. As a group, equities research analysts forecast that Atlassian will post -0.54 EPS for the current year.

Insider Activity at Atlassian

In other news, CAO Gene Liu sold 1,024 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the sale, the chief accounting officer now directly owns 59,168 shares in the company, valued at approximately $13,339,425.60. This represents a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $162.27, for a total value of $1,289,721.96. Following the transaction, the chief executive officer now owns 39,740 shares in the company, valued at approximately $6,448,609.80. This represents a 16.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 285,298 shares of company stock worth $62,228,660 in the last ninety days. 38.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. Asset Dedication LLC raised its holdings in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. Rothschild Investment LLC bought a new position in Atlassian in the 2nd quarter worth $36,000. True Wealth Design LLC raised its holdings in Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares in the last quarter. GAMMA Investing LLC boosted its stake 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 purchasing an additional 96 shares in the last quarter. Finally, Reston Wealth Management LLC purchased a new position in shares of Atlassian during the third quarter valued at about $48,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.