Piper Sandler Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price target lifted by Piper Sandler from $225.00 to $265.00 in a report published on Friday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other brokerages have also weighed in on TEAM. Capital One Financial raised Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective on the stock in a report on Thursday, July 11th. StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a report on Friday, July 12th. UBS Group lifted their target price 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. Morgan Stanley raised their price target on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Finally, BMO Capital Markets lowered their price objective on Atlassian from $220.00 to $177.00 and set a “market perform” rating on the stock in a research note on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Stock Down 2.4 %

TEAM opened at $218.96 on Friday. The business has a 50 day moving average of $174.38 and a 200-day moving average of $171.31. The stock has a market capitalization of $56.94 billion, a price-to-earnings ratio of -144.05 and a beta of 0.71. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. Atlassian has a 1-year low of $135.29 and a 1-year high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the firm earned ($0.07) EPS. The business’s revenue was up 21.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Atlassian will post -0.58 earnings per share for the current year.

Insider Buying and Selling

In other news, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the transaction, the president now owns 143,966 shares of the company’s stock, valued at $23,482,294.26. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the transaction, the president now directly owns 143,966 shares in the company, valued at $23,482,294.26. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Gene Liu sold 1,024 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $230,860.80. Following the completion of the transaction, the chief accounting officer now directly owns 59,168 shares in the company, valued at approximately $13,339,425.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 237,269 shares of company stock worth $41,382,072 in the last quarter. Insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of hedge funds have recently modified their holdings of TEAM. Sequoia Financial Advisors LLC grew its stake in Atlassian by 37.0% in the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after acquiring an additional 520 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Atlassian by 7.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock valued at $27,723,000 after purchasing an additional 10,434 shares during the period. State Board of Administration of Florida Retirement System increased its stake in Atlassian by 2.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company’s stock worth $34,213,000 after purchasing an additional 3,687 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Atlassian during the 3rd quarter worth approximately $97,350,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Atlassian in the second quarter valued at approximately $12,846,000. 93.03% 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.