Citigroup Increases Atlassian (NASDAQ:TEAM) Price Target to $300.00

Atlassian (NASDAQ:TEAM) had its price objective boosted by equities research analysts at Citigroup from $255.00 to $300.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s price target points to a potential upside of 18.88% from the company’s previous close.

TEAM has been the subject of several other research reports. UBS Group upped their target price on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Robert W. Baird boosted their price target on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Scotiabank raised their price objective on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday, November 1st. Jefferies Financial Group lifted their price target on Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald started coverage on Atlassian in a research note on Friday. They set a “neutral” rating and a $264.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $272.00.

Atlassian Trading Down 0.7 %

Atlassian stock opened at $252.36 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a market cap of $65.72 billion, a PE ratio of -166.03 and a beta of 0.83. The stock has a 50-day moving average price of $256.36 and a 200 day moving average price of $202.09. Atlassian has a 52 week low of $135.29 and a 52 week high of $287.97.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate 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 company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the business earned ($0.07) EPS. The firm’s revenue was up 21.5% on a year-over-year basis. Equities research analysts predict that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction on Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the transaction, the president now directly owns 210,471 shares in the company, valued at $54,690,889.35. The trade was a 0.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $219.07, for a total value of $1,741,168.36. Following the sale, the director now directly owns 309,972 shares in the company, valued at $67,905,566.04. This trade represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 280,136 shares of company stock worth $67,814,587. 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. Federated Hermes Inc. purchased a new position in Atlassian during the 2nd quarter worth approximately $444,000. Dimensional Fund Advisors LP raised its holdings in Atlassian by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 150,393 shares of the technology company’s stock worth $26,597,000 after acquiring an additional 5,878 shares during the period. Amalgamated Bank grew its stake in shares of Atlassian by 3.5% in the second quarter. Amalgamated Bank now owns 10,608 shares of the technology company’s stock worth $1,876,000 after acquiring an additional 363 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Atlassian by 4.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 10,389 shares of the technology company’s stock worth $1,830,000 after purchasing an additional 440 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co grew its holdings in shares of Atlassian by 1.9% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,439 shares of the technology company’s stock worth $2,554,000 after purchasing an additional 275 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.