Atlassian (NASDAQ:TEAM) Given New $300.00 Price Target at Wells Fargo & Company

Atlassian (NASDAQ:TEAM) had its target price upped by Wells Fargo & Company from $250.00 to $300.00 in a research note published on Friday morning, Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

A number of other research analysts have also commented on TEAM. Baird R W lowered Atlassian from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. Jefferies Financial Group increased their price target on Atlassian from $240.00 to $280.00 and gave the stock a “buy” rating in a research report on Friday. The Goldman Sachs Group raised Atlassian from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $200.00 to $230.00 in a report on Friday, August 2nd. Oppenheimer increased their target price on Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a report on Friday. Finally, JMP Securities upgraded shares of Atlassian to a “hold” rating in a research report on Friday, August 2nd. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and an average price target of $243.16.

Atlassian Stock Performance

Shares of TEAM stock traded up $35.81 during trading on Friday, reaching $224.35. 9,591,126 shares of the company’s stock were exchanged, compared to its average volume of 1,914,822. The firm’s fifty day moving average price is $173.30 and its 200-day moving average price is $171.46. Atlassian has a twelve month low of $135.29 and a twelve month high of $258.69. The stock has a market capitalization of $58.34 billion, a PE ratio of -147.60 and a beta of 0.71. 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 issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The company’s revenue was up 20.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.21) earnings per share. As a group, sell-side analysts anticipate that Atlassian will post -0.58 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $192.56, for a total transaction of $1,530,466.88. Following the completion of the sale, the chief executive officer now owns 333,816 shares of the company’s stock, valued at approximately $64,279,608.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $192.56, for a total transaction of $1,530,466.88. Following the sale, the chief executive officer now owns 333,816 shares of the company’s stock, valued at approximately $64,279,608.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Rajeev Bashyam Rajan sold 5,172 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $190.00, for a total transaction of $982,680.00. Following the sale, the chief technology officer now owns 204,109 shares in the company, valued at $38,780,710. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 230,185 shares of company stock worth $39,155,661. 38.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Dragoneer Investment Group LLC acquired a new position in shares of Atlassian during the second quarter worth approximately $469,803,000. Price T Rowe Associates Inc. MD lifted its position in shares of Atlassian by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after acquiring an additional 904,138 shares during the period. Manning & Napier Advisors LLC bought a new position in shares of Atlassian in the 2nd quarter valued at $91,072,000. Quadrature Capital Ltd acquired a new position in shares of Atlassian during the first quarter worth $55,307,000. Finally, Swedbank AB bought a new stake in shares of Atlassian in the first quarter worth $50,923,000. Institutional investors and hedge funds 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.