Piper Sandler Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target raised by Piper Sandler from $265.00 to $310.00 in a report issued on Monday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Other research analysts have also recently issued reports about the company. Scotiabank lifted their price objective on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Jefferies Financial Group lifted their price target on shares of Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group upped their price objective on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. KeyCorp increased their target price on Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, Oppenheimer lifted their price target on Atlassian from $270.00 to $300.00 and gave the company an “outperform” rating in a report on Monday. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $261.75.

Atlassian Price Performance

NASDAQ:TEAM opened at $254.63 on Monday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian has a one year low of $135.29 and a one year high of $287.97. The company has a fifty day moving average price of $250.65 and a 200 day moving average price of $197.58. The stock has a market cap of $66.31 billion, a P/E ratio of -167.52 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter last year, the company earned ($0.07) earnings per share. The firm’s revenue was up 21.5% on a year-over-year basis. Analysts anticipate that Atlassian will post -0.54 earnings per share for the current year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $176.27, for a total transaction of $1,400,993.96. Following the completion of the transaction, the chief executive officer now owns 453,036 shares in the company, valued at approximately $79,856,655.72. The trade was a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total transaction of $825,000.00. Following the completion of the sale, the director now owns 5,610 shares in the company, valued at approximately $1,542,750. This trade represents a 34.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 269,402 shares of company stock worth $62,430,857. 38.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dragoneer Investment Group LLC acquired a new stake in shares of Atlassian during the second quarter worth about $469,803,000. Point72 Asset Management L.P. increased its stake in Atlassian by 760.5% during 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 raised its holdings in Atlassian by 122.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after buying an additional 551,500 shares during the period. Westfield Capital Management Co. LP bought a new position in Atlassian in the third quarter valued at approximately $57,149,000. Finally, Parnassus Investments LLC boosted its holdings in shares of Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after buying an additional 245,286 shares during the period. 94.45% of the stock is currently owned by 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.