Atlassian (NASDAQ:TEAM) Price Target Raised to $275.00

Atlassian (NASDAQ:TEAM) had its target price hoisted by Oppenheimer from $200.00 to $275.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the technology company’s stock.

Several other equities research analysts have also issued reports on TEAM. Bank of America boosted their price target on shares of Atlassian from $175.00 to $210.00 and gave the company a “buy” rating in a report on Monday, August 31st. BMO Capital Markets raised their price objective on shares of Atlassian from $95.00 to $175.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Truist Financial lifted their target price on shares of Atlassian from $185.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday. Cantor Fitzgerald upped their target price on shares of Atlassian from $175.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, September 21st. Finally, Barclays increased their price target on shares of Atlassian from $172.00 to $222.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 13th. Twenty-four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $213.35.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $227.61 on Thursday. Atlassian has a 1-year low of $56.01 and a 1-year high of $229.96. The firm has a market capitalization of $57.76 billion, a PE ratio of -1,197.95, a PEG ratio of 24.27 and a beta of 1.22. The business’s 50 day moving average is $191.25 and its 200-day moving average is $125.51. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM) last released 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. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. Atlassian’s quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 earnings per share. Sell-side analysts predict that Atlassian will post 0.69 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Gene Liu sold 1,125 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $175.00, for a total value of $196,875.00. Following the sale, the chief accounting officer owned 56,807 shares in the company, valued at approximately $9,941,225. The trade was a 1.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Brian Duffy sold 7,617 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the sale, the executive directly owned 220,074 shares in the company, valued at approximately $35,872,062. The trade was a 3.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 22,475 shares of company stock worth $3,822,643 over the last three months. 37.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC bought a new position in shares of Atlassian in the third quarter worth about $265,000. EULAV Asset Management bought a new stake in shares of Atlassian during the third quarter valued at approximately $11,364,000. Signaturefd LLC grew its stake in shares of Atlassian by 22.7% during the third quarter. Signaturefd LLC now owns 6,651 shares of the technology company’s stock valued at $1,192,000 after purchasing an additional 1,231 shares during the last quarter. Citizens Financial Group Inc. RI increased its holdings in shares of Atlassian by 67.5% in the third quarter. Citizens Financial Group Inc. RI now owns 14,802 shares of the technology company’s stock valued at $2,654,000 after purchasing an additional 5,965 shares in the last quarter. Finally, Sowell Financial Services LLC acquired a new stake in shares of Atlassian in the third quarter valued at approximately $375,000. 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.