Atlassian (NASDAQ:TEAM) Price Target Raised to $350.00

Atlassian (NASDAQ:TEAM) had its price objective boosted by Wells Fargo & Company from $300.00 to $350.00 in a report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

TEAM has been the subject of a number of other reports. Morgan Stanley boosted their price objective 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. Jefferies Financial Group boosted their target price on shares of Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. BMO Capital Markets upped their price target on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday, November 1st. Raymond James lifted their price objective on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, UBS Group increased their target price on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $249.74.

Atlassian Trading Up 0.6 %

Atlassian stock opened at $278.50 on Thursday. Atlassian has a 52-week low of $135.29 and a 52-week high of $287.97. The firm has a 50-day moving average price of $217.88 and a two-hundred day moving average price of $183.13. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $72.53 billion, a price-to-earnings ratio of -183.22 and a beta of 0.80.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the firm posted ($0.07) EPS. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. Sell-side analysts expect that Atlassian will post -0.54 earnings per share for the current year.

Insider Activity

In other news, CAO Gene Liu sold 165 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the transaction, the chief accounting officer now directly owns 56,423 shares of the company’s stock, valued at approximately $13,871,030.32. This represents a 0.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $163.82, for a total value of $1,302,041.36. Following the completion of the sale, the director now directly owns 119,220 shares in the company, valued at approximately $19,530,620.40. This represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 268,642 shares of company stock worth $55,234,863. Corporate insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC grew its holdings in shares of Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock worth $306,000 after purchasing an additional 520 shares during the last quarter. Paloma Partners Management Co bought a new stake in Atlassian during the third quarter worth about $1,588,000. Impax Asset Management Group plc grew its stake in Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after buying an additional 31,986 shares during the last quarter. Parnassus Investments LLC increased its holdings in shares of Atlassian by 322.9% during the third 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 in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Atlassian in the third quarter valued at approximately $97,350,000. 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.