Atlassian (NASDAQ:TEAM) Price Target Raised to $200.00

Atlassian (NASDAQ:TEAM) had its price target boosted by research analysts at Robert W. Baird from $175.00 to $200.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Robert W. Baird’s price objective points to a potential downside of 13.60% from the stock’s previous close.

TEAM has been the topic of several other research reports. Piper Sandler boosted their price target on Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $200.00 to $230.00 in a research report on Friday, August 2nd. Baird R W cut Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Truist Financial cut their price target on Atlassian from $200.00 to $160.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Finally, Mizuho boosted their price objective on Atlassian from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $229.74.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $231.49 on Friday. The business’s 50 day moving average is $172.01 and its 200-day moving average is $171.24. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $60.19 billion, a PE ratio of -199.56 and a beta of 0.73. Atlassian has a 1-year low of $135.29 and a 1-year high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 6.89% and a negative return on equity of 17.69%. The business’s revenue was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.21) EPS. Sell-side analysts predict that Atlassian will post -0.58 earnings per share for the current year.

Insider Activity

In related news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the transaction, the chief executive officer now owns 294,076 shares in the company, valued at approximately $41,329,441.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $188.79, for a total transaction of $143,480.40. Following the transaction, the president now owns 228,996 shares in the company, valued at approximately $43,232,154.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total value of $1,117,011.92. Following the completion of the sale, the chief executive officer now owns 294,076 shares of the company’s stock, valued at $41,329,441.04. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 230,185 shares of company stock valued at $39,155,661 in the last quarter. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently made changes to their positions in the stock. First Trust Direct Indexing L.P. boosted its stake in Atlassian by 1.5% in the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock valued at $721,000 after buying an additional 55 shares in the last quarter. Financial Advocates Investment Management lifted its holdings in shares of Atlassian by 1.7% in the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock worth $662,000 after acquiring an additional 62 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of Atlassian by 1.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company’s stock valued at $890,000 after purchasing an additional 65 shares in the last quarter. Legacy Wealth Asset Management LLC grew its holdings in shares of Atlassian by 2.1% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock valued at $544,000 after purchasing an additional 70 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in Atlassian by 0.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 19,544 shares of the technology company’s stock worth $3,813,000 after purchasing an additional 72 shares in the last quarter. 93.03% of the stock is currently 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.