UBS Group Raises Atlassian (NASDAQ:TEAM) Price Target to $205.00

Atlassian (NASDAQ:TEAM) had its price objective boosted by research analysts at UBS Group from $180.00 to $205.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. UBS Group’s price objective would suggest a potential upside of 6.77% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Capital One Financial upgraded Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 target price for the company in a report on Thursday, July 11th. Truist Financial dropped their price objective on Atlassian from $200.00 to $160.00 and set a “hold” rating for the company in a report on Friday, August 2nd. StockNews.com cut Atlassian from a “buy” rating to a “hold” rating in a report on Friday, July 12th. Canaccord Genuity Group increased their price objective on Atlassian from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Baird R W cut Atlassian from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $212.47.

Atlassian Price Performance

Shares of Atlassian stock traded down $0.82 during trading on Tuesday, hitting $192.01. 357,685 shares of the stock traded hands, compared to its average volume of 1,778,577. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The stock has a market cap of $49.93 billion, a price-to-earnings ratio of -165.53 and a beta of 0.73. The firm’s fifty day moving average is $165.95 and its 200-day moving average is $171.56. Atlassian has a 52 week low of $135.29 and a 52 week high of $258.69.

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

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the transaction, the president now owns 143,966 shares of the company’s stock, valued at $23,482,294.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Atlassian news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $163.81, for a total value of $1,301,961.88. Following the completion of the sale, the director now owns 151,012 shares of the company’s stock, valued at approximately $24,737,275.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the sale, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 230,185 shares of company stock valued at $38,330,579 in the last 90 days. Corporate insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

A number of institutional investors and hedge funds have recently modified their holdings of the business. Stanley Laman Group Ltd. bought a new stake in shares of Atlassian in the 3rd quarter worth $6,046,000. Eastern Bank bought a new stake in shares of Atlassian in the 3rd quarter worth $217,000. Signaturefd LLC increased its holdings in shares of Atlassian by 4.8% in the 3rd quarter. Signaturefd LLC now owns 2,411 shares of the technology company’s stock worth $383,000 after purchasing an additional 111 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock worth $306,000 after purchasing an additional 520 shares in the last quarter. Finally, Slow Capital Inc. bought a new stake in shares of Atlassian in the third quarter worth $5,228,000. Institutional investors own 93.03% of the company’s stock.

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.