Atlassian (NASDAQ:TEAM) Price Target Raised to $250.00

Atlassian (NASDAQ:TEAM) had its price objective lifted by Truist Financial from $185.00 to $250.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

TEAM has been the subject of several other research reports. Raymond James Financial set a $180.00 price objective on shares of Atlassian in a research report on Friday, August 7th. Wall Street Zen raised shares of Atlassian from a “hold” rating to a “buy” rating in a report on Sunday, September 13th. Mizuho lifted their price target on Atlassian from $215.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. Wells Fargo & Company boosted their price objective on Atlassian from $180.00 to $230.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 14th. Finally, Guggenheim boosted their price objective on Atlassian from $165.00 to $280.00 and gave the stock a “buy” rating in a research note on Monday. Twenty-four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $213.35.

Atlassian Stock Up 2.0%

TEAM stock opened at $227.61 on Wednesday. Atlassian has a twelve month low of $56.01 and a twelve month high of $229.96. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. The stock has a market cap of $57.76 billion, a P/E ratio of -1,197.95, a PEG ratio of 23.80 and a beta of 1.22. The business’s 50-day moving average price is $191.25 and its 200-day moving average price is $125.51.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the company posted $0.98 EPS. The firm’s revenue was up 27.6% on a year-over-year basis. On average, equities research analysts forecast that Atlassian will post 0.69 EPS for the current year.

Insider Buying and Selling

In other Atlassian news, CRO Brian Duffy sold 1,851 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the completion of the sale, the executive owned 218,223 shares of the company’s stock, valued at $37,632,556.35. This trade represents a 0.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 337 shares of the firm’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $210.00, for a total transaction of $70,770.00. Following the completion of the sale, the chief accounting officer directly owned 55,531 shares of the company’s stock, valued at approximately $11,661,510. The trade was a 0.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 22,475 shares of company stock valued at $3,822,643 in the last ninety days. 37.63% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

Institutional investors and hedge funds have recently modified their holdings of the business. Carmignac Gestion grew its stake in Atlassian by 115.8% in the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock worth $177,707,000 after acquiring an additional 1,397,402 shares in the last quarter. KBC Group NV increased its position in shares of Atlassian by 1,691.2% during the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock worth $98,281,000 after acquiring an additional 1,359,624 shares during the period. Pictet Asset Management Holding SA increased its position in shares of Atlassian by 27.4% during the first quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock worth $343,344,000 after acquiring an additional 1,080,561 shares during the period. First Trust Advisors LP increased its position in shares of Atlassian by 48.4% during the first quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock worth $160,377,000 after acquiring an additional 766,922 shares during the period. Finally, Quantinno Capital Management LP raised its stake in shares of Atlassian by 947.7% during the first quarter. Quantinno Capital Management LP now owns 283,427 shares of the technology company’s stock valued at $19,344,000 after acquiring an additional 256,374 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Atlassian Company Profile

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.