Atlassian (NASDAQ:TEAM) Given New $300.00 Price Target at Citigroup

Atlassian (NASDAQ:TEAM) had its price target hoisted by Citigroup from $255.00 to $300.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other analysts also recently issued reports on the stock. KeyCorp increased their price target on shares of Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. Mizuho lifted their price target on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Wells Fargo & Company increased their price target on Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, UBS Group boosted their price objective on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $272.00.

Atlassian Trading Down 0.7 %

NASDAQ TEAM opened at $252.36 on Friday. Atlassian has a fifty-two week low of $135.29 and a fifty-two week 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 50-day simple moving average of $256.36 and a two-hundred day simple moving average of $201.95.

Atlassian (NASDAQ:TEAM) last announced its quarterly 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 23.35% and a negative net margin of 8.59%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the business earned ($0.07) earnings per share. Atlassian’s quarterly revenue was up 21.5% on a year-over-year basis. As a group, equities research analysts forecast 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 business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $219.07, for a total transaction of $1,741,168.36. Following the transaction, the director now owns 309,972 shares of the company’s stock, valued at approximately $67,905,566.04. The trade was a 2.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the sale, the chief executive officer now owns 429,192 shares of the company’s stock, valued at approximately $104,529,711.60. The trade was a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 280,136 shares of company stock worth $67,814,587 over the last ninety days. Corporate insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its stake in Atlassian by 0.9% during the third 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 3rd 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 period. Dragoneer Investment Group LLC acquired a new stake in shares of Atlassian during the 2nd quarter worth about $469,803,000. JPMorgan Chase & Co. raised its holdings in Atlassian by 5.6% in the 3rd 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 period. Finally, FMR LLC lifted its position in Atlassian by 7.4% in the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after buying an additional 150,237 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.