Atlassian (NASDAQ:TEAM) Price Target Raised to $252.00

Atlassian (NASDAQ:TEAM) had its price target lifted by Cantor Fitzgerald from $220.00 to $252.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other equities research analysts have also recently issued reports on TEAM. TD Cowen boosted their price target on Atlassian from $105.00 to $145.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Morgan Stanley increased their price target on Atlassian from $120.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Bank of America raised their price objective on Atlassian from $175.00 to $210.00 and gave the stock a “buy” rating in a research note on Monday, August 31st. BTIG Research upped their target price on Atlassian from $230.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, October 20th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $225.00 target price on shares of Atlassian in a report on Friday, October 30th. Twenty-three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $217.76.

Atlassian Trading Down 0.6%

TEAM stock opened at $189.88 on Monday. Atlassian has a 52 week low of $56.01 and a 52 week high of $229.96. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. The company’s 50-day simple moving average is $196.39 and its 200 day simple moving average is $119.07. The company has a market capitalization of $48.07 billion, a PE ratio of -999.37, a price-to-earnings-growth ratio of 20.37 and a beta of 1.16.

Atlassian (NASDAQ:TEAM) last posted 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 negative net margin of 0.82% and a positive return on equity of 20.99%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm posted $0.98 EPS. The business’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Atlassian will post 0.69 earnings per share for the current year.

Insider Buying and Selling

In related news, CRO Brian Duffy sold 1,851 shares of Atlassian stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the transaction, the executive directly 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 legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the transaction, the chief financial officer directly owned 279,218 shares in the company, valued at $48,151,144.10. This trade represents a 3.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 22,475 shares of company stock worth $3,822,643. Corporate insiders own 37.63% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Large investors have recently modified their holdings of the business. Activest Wealth Management lifted its stake in shares of Atlassian by 372.4% in the 3rd quarter. Activest Wealth Management now owns 137 shares of the technology company’s stock valued at $25,000 after acquiring an additional 108 shares during the last quarter. Reyes Financial Architecture Inc. bought a new stake in shares of Atlassian during the third quarter worth about $49,000. Fortitude Family Office LLC grew its holdings in shares of Atlassian by 23.0% during the third quarter. Fortitude Family Office LLC now owns 289 shares of the technology company’s stock worth $52,000 after purchasing an additional 54 shares during the last quarter. Physician Wealth Advisors Inc. grew its holdings in shares of Atlassian by 142.4% during the third quarter. Physician Wealth Advisors Inc. now owns 337 shares of the technology company’s stock worth $60,000 after purchasing an additional 198 shares during the last quarter. Finally, Manning & Napier Advisors LLC acquired a new position in shares of Atlassian in the second quarter valued at approximately $27,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

About Atlassian

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.