Atlassian (NASDAQ:TEAM) Price Target Raised to $304.00

Atlassian (NASDAQ:TEAM) had its price objective hoisted by stock analysts at Cantor Fitzgerald from $264.00 to $304.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Cantor Fitzgerald’s price objective suggests a potential downside of 3.38% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Wells Fargo & Company boosted their price objective on shares of Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Scotiabank upped their price target on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. KeyCorp upped their target price on Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, Citigroup upped their price objective on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $287.48.

Atlassian Stock Performance

Shares of NASDAQ TEAM traded up $47.67 during midday trading on Friday, reaching $314.62. 3,177,150 shares of the company were exchanged, compared to its average volume of 1,895,598. 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 fifty day simple moving average of $259.32 and a 200 day simple moving average of $206.76. Atlassian has a 1 year low of $135.29 and a 1 year high of $324.37. The stock has a market cap of $81.94 billion, a P/E ratio of -206.14 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last issued its earnings results 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%. On average, research analysts forecast that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, President Anutthara Bharadwaj sold 1,659 shares of Atlassian stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total transaction of $407,798.79. Following the transaction, the president now directly owns 213,511 shares of the company’s stock, valued at $52,483,138.91. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the firm’s stock in a transaction that occurred on 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 $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. In the last three months, insiders sold 257,156 shares of company stock valued at $65,313,573. Company insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Large investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in shares of Atlassian during the 3rd quarter worth about $606,000. Sequoia Financial Advisors LLC boosted its holdings in Atlassian by 37.0% in the 3rd 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 period. Fulton Bank N.A. acquired a new stake in Atlassian in the 4th quarter worth $447,000. Paloma Partners Management Co bought a new position in shares of Atlassian during the 3rd quarter worth about $1,588,000. Finally, Impax Asset Management Group plc lifted its stake in shares of 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 buying an additional 31,986 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.