BTIG Research Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its target price hoisted by investment analysts at BTIG Research from $230.00 to $260.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. BTIG Research’s price objective would suggest a potential upside of 21.07% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Mizuho lifted their price target on Atlassian from $215.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. Barclays boosted their price target on Atlassian from $172.00 to $222.00 and gave the company an “overweight” rating in a research note on Tuesday, October 13th. Zacks Research downgraded Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Jefferies Financial Group reissued a “buy” rating and issued a $200.00 price objective on shares of Atlassian in a report on Friday, August 7th. Finally, Wells Fargo & Company raised their price objective on Atlassian from $180.00 to $230.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 14th. Twenty-five equities 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 data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $208.41.

Atlassian Trading Up 3.3%

NASDAQ:TEAM opened at $214.75 on Tuesday. Atlassian has a 12 month low of $56.01 and a 12 month high of $223.70. The firm has a fifty day simple moving average of $186.05 and a 200-day simple moving average of $121.53. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $54.50 billion, a P/E ratio of 207.82, a PEG ratio of 16.33 and a beta of 1.22.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the company earned $0.98 earnings per share. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. On average, equities research analysts anticipate that Atlassian will post 0.94 earnings per share for the current year.

Insider Activity

In related news, CRO Brian Duffy sold 1,851 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $319,204.95. Following the completion of the transaction, the executive directly owned 218,223 shares in the company, valued at $37,632,556.35. The trade was a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the sale, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 22,475 shares of company stock valued at $3,822,643 in the last ninety days. Insiders own 37.63% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently modified their holdings of the stock. Carmignac Gestion grew its holdings in Atlassian by 115.8% during the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock worth $177,707,000 after acquiring an additional 1,397,402 shares during the period. KBC Group NV lifted its holdings in Atlassian by 1,691.2% in the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after acquiring an additional 1,359,624 shares during the period. Pictet Asset Management Holding SA boosted its position in Atlassian by 27.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock worth $343,344,000 after purchasing an additional 1,080,561 shares in the last quarter. SG Americas Securities LLC boosted its position in Atlassian by 1,516.7% in the 1st quarter. SG Americas Securities LLC now owns 905,629 shares of the technology company’s stock worth $61,809,000 after purchasing an additional 849,613 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in Atlassian by 48.4% in the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock worth $160,377,000 after purchasing an additional 766,922 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.