Atlassian’s (TEAM) “Outperform” Rating Reiterated at Raymond James

Raymond James reiterated their outperform rating on shares of Atlassian (NASDAQ:TEAM) in a research note published on Friday morning,Benzinga reports. Raymond James currently has a $330.00 target price on the technology company’s stock, up from their prior target price of $250.00.

Other equities analysts have also issued research reports about the stock. Oppenheimer boosted their price target on shares of Atlassian from $270.00 to $300.00 and gave the company an “outperform” rating in a report on Monday, January 6th. UBS Group increased their price target on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Morgan Stanley lifted their price objective on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a report on Friday. Jefferies Financial Group increased their target price on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Finally, Piper Sandler upped their price target on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a report on Friday. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $307.00.

Atlassian Stock Performance

Shares of TEAM opened at $306.78 on Friday. The stock’s fifty day simple moving average is $260.51 and its 200-day simple moving average is $208.06. Atlassian has a 12-month low of $135.29 and a 12-month high of $324.37. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. Research analysts predict that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 15,896 shares of the company’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 transaction, the chief executive officer now directly owns 429,192 shares in the company, valued at approximately $104,529,711.60. This represents a 3.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the completion of the sale, the director now owns 333,816 shares of the company’s stock, valued at $90,340,624.08. This trade represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 257,156 shares of company stock worth $65,313,573. 38.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in Atlassian during the third quarter worth about $606,000. Sequoia Financial Advisors LLC raised its position in Atlassian by 37.0% in the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after purchasing an additional 520 shares during the last quarter. Fulton Bank N.A. acquired a new stake in Atlassian during the 4th quarter worth approximately $447,000. Paloma Partners Management Co bought a new position in Atlassian during the 3rd quarter worth $1,588,000. Finally, Impax Asset Management Group plc boosted its holdings in Atlassian by 590.6% in the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after acquiring an additional 31,986 shares during 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.