Atlassian (NASDAQ:TEAM) Price Target Raised to $304.00

Atlassian (NASDAQ:TEAM) had its target price raised by Cantor Fitzgerald from $264.00 to $304.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Other equities analysts have also recently issued research reports about the stock. Canaccord Genuity Group upped their price target 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. Morgan Stanley upped their target price on shares of Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday. Robert W. Baird upped their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. KeyCorp upped their target price on shares of Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company upped their target price on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $307.00.

Atlassian Stock Performance

Shares of Atlassian stock opened at $306.78 on Friday. The stock has a market cap of $79.90 billion, a price-to-earnings ratio of -201.83 and a beta of 0.83. The firm’s 50-day moving average is $260.51 and its 200 day moving average is $208.44. Atlassian has a 1 year low of $135.29 and a 1 year high of $324.37. 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 (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Sell-side analysts anticipate that Atlassian will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total value of $2,150,967.24. Following the completion of the transaction, the director now directly owns 333,816 shares in the company, valued at $90,340,624.08. This represents a 2.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Gene Liu sold 785 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $240.00, for a total value of $188,400.00. Following the completion of the transaction, the chief accounting officer now owns 57,938 shares of the company’s stock, valued at $13,905,120. The trade was a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,208 shares of company stock worth $63,572,404 in the last three months. 38.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TEAM. Point72 Asset Management L.P. lifted its position in Atlassian by 760.5% in the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after buying an additional 617,566 shares during the last quarter. Two Sigma Advisers LP lifted its position in Atlassian by 122.0% in the third 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 last quarter. Westfield Capital Management Co. LP bought a new stake in Atlassian in the third quarter worth $57,149,000. Parnassus Investments LLC lifted its position in Atlassian by 322.9% in 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 during the last quarter. Finally, PointState Capital LP bought a new stake in Atlassian in the third quarter worth $30,566,000. 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.