UBS Group Increases Atlassian (NASDAQ:TEAM) Price Target to $205.00

Atlassian (NASDAQ:TEAM) had its price objective upped by investment analysts at UBS Group from $180.00 to $205.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. UBS Group’s price target indicates a potential upside of 8.60% from the stock’s previous close.

TEAM has been the topic of several other research reports. Barclays reduced their price objective on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Piper Sandler upgraded Atlassian from a “neutral” rating to an “overweight” rating and raised their price target for the company from $200.00 to $225.00 in a report on Tuesday, July 2nd. Oppenheimer reissued an “outperform” rating and set a $230.00 price objective on shares of Atlassian in a report on Monday, September 23rd. The Goldman Sachs Group raised shares of Atlassian from a “neutral” rating to a “buy” rating and raised their target price for the company from $200.00 to $230.00 in a research note on Friday, August 2nd. Finally, Morgan Stanley boosted their price target on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $212.47.

Atlassian Price Performance

Atlassian stock opened at $188.76 on Tuesday. The business’s fifty day moving average is $167.87 and its two-hundred day moving average is $171.66. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market cap of $49.08 billion, a P/E ratio of -162.72 and a beta of 0.73. Atlassian has a 52 week low of $135.29 and a 52 week high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the firm earned ($0.21) EPS. The company’s revenue was up 20.5% on a year-over-year basis. Equities research analysts forecast that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $178.96, for a total value of $1,422,374.08. Following the transaction, the chief executive officer now owns 349,712 shares of the company’s stock, valued at approximately $62,584,459.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the transaction, the president now directly owns 143,966 shares in the company, valued at approximately $23,482,294.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $178.96, for a total value of $1,422,374.08. Following the completion of the sale, the chief executive officer now owns 349,712 shares in the company, valued at $62,584,459.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 230,185 shares of company stock worth $38,511,079. 40.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TEAM. Vanguard Group Inc. boosted its stake in shares of Atlassian by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock worth $3,039,287,000 after buying an additional 221,650 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Atlassian by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after purchasing an additional 904,138 shares during the last quarter. Dragoneer Investment Group LLC bought a new position in Atlassian in the second quarter valued at approximately $469,803,000. Capital International Investors increased its position in shares of Atlassian by 6.3% during the 1st quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock worth $475,399,000 after purchasing an additional 144,117 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in shares of Atlassian by 6.7% in the 1st quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock valued at $404,059,000 after buying an additional 130,253 shares during the last quarter. Institutional investors own 93.03% 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.