Atlassian (NASDAQ:TEAM) Price Target Raised to $375.00

Atlassian (NASDAQ:TEAM) had its target price raised by Wells Fargo & Company from $350.00 to $375.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

Several other equities research analysts also recently commented on TEAM. Piper Sandler boosted their target price on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $255.00 to $292.00 in a research report on Friday, January 10th. KeyCorp boosted their target price on shares of Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Morgan Stanley upped their price objective on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Macquarie started coverage on shares of Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective for the company. Nine analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $307.00.

Atlassian Price Performance

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

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS 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 research analysts anticipate that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, 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 value of $407,798.79. Following the sale, the president now directly owns 213,511 shares in the company, valued at $52,483,138.91. This represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the completion of the sale, the director now owns 333,816 shares in the company, valued at $90,340,624.08. This represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 249,208 shares of company stock worth $63,572,404. 38.55% of the stock is owned by corporate insiders.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. Point72 Asset Management L.P. lifted its stake in Atlassian by 760.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after purchasing an additional 617,566 shares in the last quarter. Two Sigma Advisers LP lifted its stake in Atlassian by 122.0% in the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after purchasing an additional 551,500 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in shares of Atlassian in the 3rd quarter worth $57,149,000. Parnassus Investments LLC increased its holdings in shares of Atlassian by 322.9% in the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after buying an additional 245,286 shares during the last quarter. Finally, PointState Capital LP bought a new position in shares of Atlassian in the 3rd quarter worth $30,566,000. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

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.