Atlassian (NASDAQ:TEAM) Given New $315.00 Price Target at Morgan Stanley

Atlassian (NASDAQ:TEAM) had its price objective upped by Morgan Stanley from $259.00 to $315.00 in a research report released on Thursday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the technology company’s stock.

Several other research analysts have also recently commented on the stock. Macquarie started coverage on shares of Atlassian in a report on Thursday, December 12th. They set a “neutral” rating and a $290.00 price target for the company. UBS Group boosted their target price on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Scotiabank raised their price target on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research note on Friday, November 1st. Piper Sandler upped their price objective on Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Oppenheimer raised their target price on Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Eight analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average target price of $270.65.

Atlassian Stock Up 1.7 %

Atlassian stock opened at $254.25 on Thursday. The firm has a market capitalization of $66.22 billion, a P/E ratio of -167.27 and a beta of 0.83. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a twelve month low of $135.29 and a twelve month high of $287.97. The stock’s fifty day simple moving average is $256.07 and its 200-day simple moving average is $201.44.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Atlassian’s revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.07) EPS. As a group, equities analysts expect that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Anutthara Bharadwaj sold 4,560 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $1,028,052.00. Following the sale, the president now owns 224,436 shares of the company’s stock, valued at $50,599,096.20. The trade was a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $192.18, for a total value of $1,527,446.64. Following the transaction, the chief executive officer now owns 389,452 shares of the company’s stock, valued at $74,844,885.36. This trade represents a 2.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 270,668 shares of company stock worth $65,408,691. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Large investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. grew its position in Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after acquiring an additional 78,454 shares during the last quarter. State Street Corp grew its holdings in shares of Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after purchasing an additional 8,957 shares during the last quarter. Dragoneer Investment Group LLC acquired a new stake in shares of Atlassian in the second quarter valued at $469,803,000. JPMorgan Chase & Co. raised its holdings in shares of Atlassian by 5.6% in the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock valued at $393,588,000 after buying an additional 131,621 shares during the last quarter. Finally, FMR LLC lifted its position in Atlassian by 7.4% during the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after buying an additional 150,237 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

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.