Atlassian Corporation PLC (NASDAQ:TEAM) Receives $145.63 Consensus Target Price from Brokerages

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) have been assigned a consensus rating of “Moderate Buy” from the twenty-eight analysts that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $145.2593.

Several brokerages have issued reports on TEAM. UBS Group decreased their price objective on shares of Atlassian from $105.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Morgan Stanley decreased their price objective on shares of Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, April 16th. Raymond James Financial set a $130.00 target price on shares of Atlassian in a research report on Friday, May 1st. Guggenheim set a $115.00 target price on shares of Atlassian in a research report on Thursday, April 9th. Finally, Wall Street Zen lowered shares of Atlassian from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th.

Atlassian Price Performance

Shares of Atlassian stock opened at $78.74 on Friday. Atlassian has a one year low of $56.01 and a one year high of $222.59. The stock’s fifty day moving average is $85.24 and its 200 day moving average is $99.72. The stock has a market cap of $19.98 billion, a P/E ratio of -94.87, a P/E/G ratio of 4.46 and a beta of 1.07. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 earnings per share. Sell-side analysts anticipate that Atlassian will post 0.81 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive directly owned 227,691 shares in the company, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 20,041 shares of company stock worth $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its position in Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after purchasing an additional 5,769,788 shares during the period. DNB Asset Management AS lifted its position in Atlassian by 266.6% during the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after purchasing an additional 2,041,210 shares during the period. Norges Bank acquired a new position in Atlassian during the fourth quarter valued at $323,526,000. Morgan Stanley lifted its position in Atlassian by 52.4% during the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after purchasing an additional 1,657,309 shares during the period. Finally, Carmignac Gestion lifted its position in Atlassian by 115.8% during the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after purchasing an additional 1,397,402 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.