Atlassian (NASDAQ:TEAM) Price Target Raised to $245.00

Atlassian (NASDAQ:TEAM) had its price objective increased by Robert W. Baird from $200.00 to $245.00 in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage currently has an outperform rating on the technology company’s stock.

Several other research firms have also issued reports on TEAM. KeyCorp upped their price target on shares of Atlassian from $115.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. FBN Securities reissued an “outperform” rating and issued a $170.00 target price on shares of Atlassian in a research note on Monday, August 10th. Zacks Research cut Atlassian from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Truist Financial raised their price target on Atlassian from $160.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $200.00 price target on shares of Atlassian in a research note on Friday, August 7th. Twenty-five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $191.56.

Atlassian Trading Up 1.9%

TEAM stock opened at $179.29 on Monday. The company has a market capitalization of $45.50 billion, a PE ratio of -943.63, a price-to-earnings-growth ratio of 13.83 and a beta of 1.15. Atlassian has a one year low of $56.01 and a one year high of $200.00. The company’s 50 day moving average price is $161.45 and its two-hundred day moving average price is $109.49. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm’s revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 EPS. As a group, analysts predict that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, CAO Gene Liu sold 1,125 shares of Atlassian stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $175.00, for a total transaction of $196,875.00. Following the sale, the chief accounting officer owned 56,807 shares of the company’s stock, valued at approximately $9,941,225. The trade was a 1.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Brian Duffy sold 7,617 shares of Atlassian stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the sale, the executive directly owned 220,074 shares in the company, valued at $35,872,062. The trade was a 3.35% 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 ninety days, insiders have sold 22,138 shares of company stock valued at $3,751,873. 36.66% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Atlassian during the 4th quarter worth approximately $323,526,000. Carmignac Gestion lifted its stake in shares of Atlassian by 115.8% in the 1st 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. KBC Group NV lifted its stake in shares of Atlassian by 1,691.2% in the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after purchasing an additional 1,359,624 shares during the period. Pictet Asset Management Holding SA boosted its position in shares of Atlassian by 27.4% during the first quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock valued at $343,344,000 after purchasing an additional 1,080,561 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Atlassian by 1,516.7% during the first quarter. SG Americas Securities LLC now owns 905,629 shares of the technology company’s stock valued at $61,809,000 after purchasing an additional 849,613 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow-management software for technology, business and enterprise teams. Its products are designed to help organizations plan projects, manage software development, document and share knowledge, provide IT and customer support, and coordinate work across distributed teams.

Its product portfolio includes Jira for project and issue management, Confluence for team collaboration and knowledge sharing, Jira Service Management for IT service and support operations, and Trello for organizing tasks and projects.