Brokerages Set Atlassian Corporation PLC (NASDAQ:TEAM) Price Target at $172.88

Atlassian Corporation PLC (NASDAQ:TEAM) has received a consensus recommendation of “Moderate Buy” from the twenty-nine ratings firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and twenty-four have given a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $176.2692.

A number of research analysts recently weighed in on the company. Sanford C. Bernstein reissued an “outperform” rating on shares of Atlassian in a report on Monday, June 29th. Morgan Stanley raised their price target on Atlassian from $120.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Wells Fargo & Company lifted their price objective on shares of Atlassian from $140.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Truist Financial upped their price objective on shares of Atlassian from $100.00 to $160.00 and gave the company a “buy” rating in a report on Friday, August 7th. Finally, Robert W. Baird set a $200.00 price objective on shares of Atlassian in a research report on Friday, August 7th.

Insider Transactions at Atlassian

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

Institutional Trading of Atlassian

Several hedge funds have recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its position in Atlassian by 3.9% during the fourth quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after acquiring an additional 316,276 shares during the period. Exane Asset Management boosted its holdings in Atlassian by 419.9% in the 4th quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock valued at $5,085,000 after purchasing an additional 25,330 shares during the period. Nicholas Company Inc. boosted its holdings in Atlassian by 8.7% in the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock valued at $49,748,000 after purchasing an additional 24,490 shares during the period. Fisher Funds Management LTD grew its position in shares of Atlassian by 11.1% during the 4th quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company’s stock worth $54,440,000 after purchasing an additional 33,485 shares in the last quarter. Finally, Merit Financial Group LLC grew its position in shares of Atlassian by 339.8% during the 4th quarter. Merit Financial Group LLC now owns 31,565 shares of the technology company’s stock worth $5,118,000 after purchasing an additional 24,388 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Trading Down 2.3%

Atlassian stock opened at $162.22 on Monday. Atlassian has a 52 week low of $56.01 and a 52 week high of $184.00. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $41.17 billion, a P/E ratio of -853.79, a PEG ratio of 23.18 and a beta of 1.05. The stock has a 50-day simple moving average of $98.25 and a 200 day simple moving average of $88.11.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.37. Atlassian had a positive return on equity of 20.07% and a negative net margin of 0.82%.The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the business earned $0.98 earnings per share. The business’s revenue was up 27.6% compared to the same quarter last year. Analysts expect that Atlassian will post 0.53 earnings per share for the current year.

About Atlassian

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.