Wells Fargo & Company Boosts Atlassian (NASDAQ:TEAM) Price Target to $300.00

Atlassian (NASDAQ:TEAM) had its price objective upped by research analysts at Wells Fargo & Company from $250.00 to $300.00 in a report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 33.72% from the company’s previous close.

A number of other research firms also recently issued reports on TEAM. KeyCorp raised shares of Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price target on the stock in a research note on Friday. Oppenheimer boosted their price target on shares of Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a research note on Friday. Piper Sandler boosted their price target on shares of Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday. Truist Financial upped their target price on shares of Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a research note on Friday. Finally, Morgan Stanley upped their target price 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. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $243.16.

Atlassian Stock Performance

NASDAQ:TEAM opened at $224.35 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $58.34 billion, a price-to-earnings ratio of -147.60 and a beta of 0.71. The company’s 50-day moving average is $173.30 and its two-hundred day moving average is $171.30. Atlassian has a 1-year low of $135.29 and a 1-year high of $258.69.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.07. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. Atlassian’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.21) EPS. Analysts forecast that Atlassian will post -0.58 EPS for the current year.

Insider Activity

In other news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total value of $1,117,011.92. Following the completion of the transaction, the chief executive officer now owns 294,076 shares in the company, valued at approximately $41,329,441.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the sale, the president now owns 143,966 shares in the company, valued at $23,482,294.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the sale, the chief executive officer now owns 294,076 shares of the company’s stock, valued at approximately $41,329,441.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 230,185 shares of company stock worth $39,155,661. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Large investors have recently bought and sold shares of the business. Hollencrest Capital Management boosted its stake in Atlassian by 383.9% during the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after purchasing an additional 119 shares during the period. Asset Dedication LLC raised its position in Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares during the last quarter. Trust Co. of Vermont raised its position in Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after buying an additional 174 shares during the last quarter. Rothschild Investment LLC purchased a new position in Atlassian during the 2nd quarter worth $36,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in Atlassian during the 1st quarter worth $40,000. Institutional investors and hedge funds 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.