Canaccord Genuity Group Increases Atlassian (NASDAQ:TEAM) Price Target to $225.00

Atlassian (NASDAQ:TEAM) had its target price hoisted by Canaccord Genuity Group from $200.00 to $225.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Other analysts have also issued research reports about the stock. Truist Financial lowered their target price on shares of Atlassian from $200.00 to $160.00 and set a hold rating for the company in a report on Friday, August 2nd. Mizuho cut their target price on Atlassian from $225.00 to $220.00 and set an outperform rating on the stock in a research note on Tuesday, July 16th. Wells Fargo & Company reduced their target price on Atlassian from $285.00 to $250.00 and set an overweight rating on the stock in a report on Friday, June 21st. JMP Securities raised Atlassian to a hold rating in a research note on Friday, August 2nd. Finally, StockNews.com lowered shares of Atlassian from a buy rating to a hold rating in a research note on Friday, July 12th. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian currently has an average rating of Moderate Buy and a consensus target price of $216.29.

Atlassian Trading Up 1.7 %

TEAM stock opened at $187.06 on Thursday. The business has a fifty day moving average of $159.83 and a 200-day moving average of $171.85. The company has a market cap of $48.64 billion, a P/E ratio of -161.26 and a beta of 0.73. Atlassian has a twelve month low of $135.29 and a twelve month high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the business posted ($0.21) EPS. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. As a group, equities research analysts expect that Atlassian will post -0.58 EPS for the current year.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $180.42, for a total value of $1,433,978.16. Following the sale, the chief executive officer now owns 413,296 shares of the company’s stock, valued at $74,566,864.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Atlassian news, CTO Rajeev Bashyam Rajan sold 199 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the transaction, the chief technology officer now directly owns 128,957 shares in the company, valued at $18,838,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $180.42, for a total value of $1,433,978.16. Following the sale, the chief executive officer now owns 413,296 shares in the company, valued at approximately $74,566,864.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 230,185 shares of company stock valued at $37,974,043 in the last ninety days. 40.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently added to or reduced their stakes in the company. Brown Capital Management LLC increased its stake in shares of Atlassian by 2.2% during the 4th quarter. Brown Capital Management LLC now owns 115,482 shares of the technology company’s stock worth $27,469,000 after purchasing an additional 2,535 shares during the last quarter. Parkwood LLC acquired a new position in Atlassian during the fourth quarter worth approximately $3,793,000. Profund Advisors LLC raised its stake in Atlassian by 15.9% in the fourth quarter. Profund Advisors LLC now owns 21,117 shares of the technology company’s stock valued at $5,023,000 after buying an additional 2,894 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Atlassian by 3.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,237,507 shares of the technology company’s stock valued at $2,435,095,000 after buying an additional 326,673 shares during the last quarter. Finally, American International Group Inc. boosted its stake in shares of Atlassian by 3.1% during the 4th quarter. American International Group Inc. now owns 10,772 shares of the technology company’s stock worth $2,562,000 after acquiring an additional 328 shares during the period. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Company Profile

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.