Atlassian (NASDAQ:TEAM) Price Target Raised to $370.00

Atlassian (NASDAQ:TEAM) had its target price increased by Morgan Stanley from $315.00 to $370.00 in a report issued on Friday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the technology company’s stock.

TEAM has been the subject of a number of other research reports. Canaccord Genuity Group raised their target price 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. Jefferies Financial Group raised their target price on shares of Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Piper Sandler lifted their price objective on shares of Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Scotiabank lifted their price objective on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research note on Friday, November 1st. Finally, BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $307.00.

Atlassian Stock Performance

Shares of TEAM stock opened at $306.78 on Friday. The stock has a market cap of $79.90 billion, a P/E ratio of -201.83 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The company has a fifty day moving average price of $260.51 and a two-hundred day moving average price of $208.44. Atlassian has a one year low of $135.29 and a one year high of $324.37.

Atlassian (NASDAQ:TEAM) last posted its 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%. As a group, equities analysts predict that Atlassian will post -0.55 EPS for the current year.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 1,659 shares of Atlassian stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total transaction of $407,798.79. Following the sale, the president now directly owns 213,511 shares of the company’s stock, valued at approximately $52,483,138.91. The trade was a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Gene Liu sold 445 shares of Atlassian stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $230.00, for a total transaction of $102,350.00. Following the sale, the chief accounting officer now directly owns 58,723 shares in the company, valued at $13,506,290. This trade represents a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 249,208 shares of company stock valued at $63,572,404. 38.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Atlassian

A number of institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its holdings in Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after acquiring an additional 47 shares during the last quarter. GAMMA Investing LLC grew its holdings in Atlassian by 22.9% during the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after acquiring an additional 54 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in Atlassian by 4.0% during the 4th quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock worth $357,000 after acquiring an additional 56 shares during the last quarter. J.W. Cole Advisors Inc. grew its holdings in Atlassian by 1.5% during the 4th quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock worth $963,000 after acquiring an additional 59 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC grew its holdings in Atlassian by 2.1% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after acquiring an additional 70 shares during the last quarter. 94.45% of the stock is 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.