The Goldman Sachs Group Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price target raised by research analysts at The Goldman Sachs Group from $245.00 to $370.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 16.82% from the stock’s current price.

TEAM has been the subject of a number of other research reports. Piper Sandler lifted their target price on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $255.00 to $292.00 in a report on Friday, January 10th. Truist Financial restated a “buy” rating and set a $350.00 target price (up previously from $300.00) on shares of Atlassian in a report on Friday, January 31st. Morgan Stanley upped their price target on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, Oppenheimer lifted their price objective on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Eight investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $318.43.

Atlassian Stock Up 1.7 %

Shares of TEAM opened at $316.73 on Monday. The firm has a market capitalization of $82.49 billion, a price-to-earnings ratio of -236.36 and a beta of 0.87. Atlassian has a 52 week low of $135.29 and a 52 week 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. The business’s fifty day moving average price is $262.61 and its two-hundred day moving average price is $210.38.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 18.00% and a negative net margin of 7.22%. On average, analysts predict that Atlassian will post -0.55 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Gene Liu sold 445 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $230.00, for a total transaction of $102,350.00. Following the completion of the transaction, the chief accounting officer now directly owns 58,723 shares of the company’s stock, valued at approximately $13,506,290. This represents a 0.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $236.89, for a total value of $1,882,801.72. Following the completion of the transaction, the chief executive officer now owns 421,244 shares of the company’s stock, valued at approximately $99,788,491.16. This represents a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 257,935 shares of company stock worth $66,966,954. 38.55% of the stock is owned by insiders.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings 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 purchasing an additional 96 shares during the period. True Wealth Design LLC raised its stake in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares during the period. Avion Wealth lifted its position in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after buying an additional 157 shares during the last quarter. Reston Wealth Management LLC bought a new position in shares of Atlassian during the 3rd quarter worth approximately $48,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Atlassian during the 4th quarter worth approximately $56,000. 94.45% of the stock is owned by institutional investors.

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.