Atlassian (NASDAQ:TEAM) Price Target Raised to $365.00

Atlassian (NASDAQ:TEAM) had its price target boosted by Piper Sandler from $310.00 to $365.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

TEAM has been the subject of a number of other research reports. Cantor Fitzgerald boosted their price objective on shares of Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research report on Friday. Mizuho boosted their price objective on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday. UBS Group boosted their price objective on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Oppenheimer boosted their price objective on shares of Atlassian from $270.00 to $300.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. Finally, Citigroup boosted their price objective on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $307.00.

Atlassian Price Performance

TEAM opened at $306.78 on Friday. The company has a 50-day moving average of $260.51 and a 200-day moving average of $208.44. The company has a market capitalization of $79.90 billion, a P/E ratio of -201.83 and a beta of 0.83. Atlassian has a 1-year low of $135.29 and a 1-year high of $324.37. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

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

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 15,896 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the completion of the sale, the chief executive officer now directly owns 429,192 shares of the company’s stock, valued at $104,529,711.60. This represents a 3.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,659 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total transaction of $407,798.79. Following the sale, the president now directly owns 213,511 shares of the company’s stock, valued at approximately $52,483,138.91. This represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 249,208 shares of company stock valued at $63,572,404. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares in the last quarter. True Wealth Design LLC lifted its position in shares of Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares in the last quarter. Avion Wealth lifted its position in shares of Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after acquiring an additional 157 shares in the last quarter. Reston Wealth Management LLC purchased a new stake in shares of Atlassian in the 3rd quarter valued at approximately $48,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Atlassian in the 4th quarter valued at approximately $56,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.