Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Atlassian (NASDAQ:TEAM) had its price target boosted by investment analysts at Morgan Stanley from $259.00 to $315.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s target price points to a potential upside of 24.82% from the company’s current price.

Several other analysts have also weighed in on TEAM. Oppenheimer raised their price objective on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. KeyCorp raised their price target on Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Macquarie initiated coverage on Atlassian in a research note on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective on the stock. Raymond James raised their target price on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Robert W. Baird lifted their price target on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $272.00.

Atlassian Price Performance

Shares of TEAM stock opened at $252.36 on Thursday. The stock’s fifty day simple moving average is $256.36 and its 200 day simple moving average is $201.95. Atlassian has a one year low of $135.29 and a one year high of $287.97. The firm has a market cap of $65.72 billion, a price-to-earnings ratio of -166.03 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.07) EPS. On average, analysts expect that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Gene Liu sold 165 shares of Atlassian stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total transaction of $40,563.60. Following the transaction, the chief accounting officer now owns 56,423 shares of the company’s stock, valued at $13,871,030.32. This trade represents a 0.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $253.01, for a total transaction of $2,010,923.48. Following the completion of the sale, the director now directly owns 389,452 shares of the company’s stock, valued at $98,535,250.52. The trade was a 2.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 280,136 shares of company stock valued at $67,814,587 over the last three months. Company insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds have recently added to or reduced their stakes in TEAM. Virtu Financial LLC bought a new stake in shares of Atlassian in the third quarter worth about $606,000. Sequoia Financial Advisors LLC grew its position in shares of Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after purchasing an additional 520 shares during the period. Fulton Bank N.A. bought a new stake in Atlassian during the 4th quarter worth approximately $447,000. Paloma Partners Management Co acquired a new stake in Atlassian during the 3rd quarter worth approximately $1,588,000. Finally, Impax Asset Management Group plc raised its holdings in Atlassian by 590.6% during the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after buying an additional 31,986 shares during the period. Institutional investors and hedge funds own 94.45% 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.