Atlassian (NASDAQ:TEAM) Price Target Raised to $330.00

Atlassian (NASDAQ:TEAM) had its price objective hoisted by Scotiabank from $250.00 to $330.00 in a report published on Friday morning,Benzinga reports. The firm currently has a sector perform rating on the technology company’s stock.

TEAM has been the topic of a number of other research reports. Cantor Fitzgerald increased their target price on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a report on Friday. Wells Fargo & Company increased their target price on Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Mizuho increased their target price on Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a report on Friday. Raymond James increased their target price on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Oppenheimer increased their target price on Atlassian from $270.00 to $300.00 and gave the company an “outperform” rating in a report on Monday, January 6th. Nine analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $307.00.

Atlassian Stock Performance

TEAM opened at $306.78 on Friday. The stock has a market cap of $79.90 billion, a P/E ratio of -201.83 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. The stock’s 50 day simple moving average is $260.51 and its 200 day simple moving average is $208.44. Atlassian has a 1-year low of $135.29 and a 1-year high of $324.37.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. As a group, equities analysts anticipate that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $224.33, for a total transaction of $1,782,974.84. Following the completion of the sale, the chief executive officer now directly owns 294,076 shares in the company, valued at $65,970,069.08. This trade represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Gene Liu sold 165 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total value of $40,563.60. Following the sale, the chief accounting officer now owns 56,423 shares of the company’s stock, valued at $13,871,030.32. This represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,208 shares of company stock worth $63,572,404 over the last ninety days. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently bought and sold shares of TEAM. Thrivent Financial for Lutherans acquired a new position in Atlassian in the second quarter worth about $677,000. Susquehanna Fundamental Investments LLC bought a new position in Atlassian in the second quarter worth about $407,000. Quarry LP lifted its holdings in Atlassian by 143.8% in the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after acquiring an additional 220 shares during the last quarter. Truist Financial Corp lifted its holdings in Atlassian by 2.5% in the second quarter. Truist Financial Corp now owns 84,358 shares of the technology company’s stock worth $14,921,000 after acquiring an additional 2,050 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in Atlassian in the second quarter worth about $1,022,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

About Atlassian

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.