Atlassian (NASDAQ:TEAM) Given New $255.00 Price Target at Canaccord Genuity Group

Atlassian (NASDAQ:TEAM) had its price target boosted by Canaccord Genuity Group from $225.00 to $255.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

TEAM has been the topic of several other reports. Capital One Financial upgraded Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 target price on the stock in a research note on Thursday, July 11th. Scotiabank decreased their price target on Atlassian from $210.00 to $175.00 and set a “sector perform” rating on the stock in a research note on Friday, August 2nd. UBS Group lifted their price target on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Robert W. Baird lifted their price target on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday. Finally, StockNews.com downgraded Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $243.16.

Atlassian Trading Down 2.4 %

TEAM opened at $218.96 on Friday. Atlassian has a 52 week low of $135.29 and a 52 week high of $258.69. The business’s 50 day moving average is $174.38 and its two-hundred day moving average is $171.31. 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 announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative return on equity of 23.38% and a negative net margin of 8.59%. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the business posted ($0.07) EPS. The company’s revenue was up 21.5% on a year-over-year basis. Analysts predict that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $222.72, for a total value of $1,770,178.56. Following the completion of the sale, the chief executive officer now owns 317,920 shares in the company, valued at approximately $70,807,142.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $222.72, for a total transaction of $1,770,178.56. Following the completion of the sale, the chief executive officer now owns 317,920 shares in the company, valued at $70,807,142.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 237,269 shares of company stock worth $41,382,072. 38.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Sequoia Financial Advisors LLC grew its position in shares of Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock worth $306,000 after acquiring an additional 520 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Atlassian by 7.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock valued at $27,723,000 after acquiring an additional 10,434 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in Atlassian by 2.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company’s stock valued at $34,213,000 after acquiring an additional 3,687 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Atlassian during the 3rd quarter valued at $97,350,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Atlassian during the 2nd quarter valued at $12,846,000. 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.