Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Atlassian (NASDAQ:TEAM) had its price objective increased by analysts at Morgan Stanley from $315.00 to $370.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s target price would suggest a potential upside of 38.60% from the company’s current price.

Several other research firms have also recently weighed in on TEAM. Scotiabank increased their price objective on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research report on Friday, November 1st. Wells Fargo & Company upped their target price on Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Macquarie assumed coverage on Atlassian in a research note on Thursday, December 12th. They issued a “neutral” rating and a $290.00 target price for the company. Cantor Fitzgerald assumed coverage on Atlassian in a research note on Friday, January 17th. They issued a “neutral” rating and a $264.00 target price for the company. Finally, Jefferies Financial Group upped their target price on Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, January 24th. Nine research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $279.14.

Atlassian Stock Down 1.6 %

TEAM opened at $266.95 on Friday. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $69.52 billion, a price-to-earnings ratio of -175.62 and a beta of 0.83. The business has a 50 day moving average of $259.32 and a 200-day moving average of $206.76.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. As a group, sell-side analysts anticipate that Atlassian will post -0.55 earnings per share for the current year.

Insider Activity

In other news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $219.07, for a total value of $1,741,168.36. Following the completion of the sale, the director now directly owns 309,972 shares in the company, valued at approximately $67,905,566.04. This trade represents a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $243.55, for a total value of $3,871,470.80. Following the completion of the transaction, the chief executive officer now owns 429,192 shares in the company, valued at approximately $104,529,711.60. This represents a 3.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 257,156 shares of company stock worth $65,313,573. 38.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP boosted its holdings in Atlassian by 33.6% in the fourth quarter. Capital Performance Advisors LLP now owns 870 shares of the technology company’s stock valued at $212,000 after acquiring an additional 219 shares during the last quarter. Strategic Advisors LLC bought a new position in Atlassian during the fourth quarter worth about $218,000. J.W. Cole Advisors Inc. boosted its holdings in Atlassian by 1.5% during the fourth quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock worth $963,000 after buying an additional 59 shares during the last quarter. Sheaff Brock Investment Advisors LLC bought a new position in Atlassian during the fourth quarter worth about $256,000. Finally, Allworth Financial LP boosted its holdings in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after buying an additional 47 shares during the last quarter. Institutional investors own 94.45% 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.