Atlassian (NASDAQ:TEAM) Price Target Raised to $330.00 at Scotiabank

Atlassian (NASDAQ:TEAM) had its price target upped by research analysts at Scotiabank from $250.00 to $330.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price target indicates a potential upside of 5.06% from the stock’s current price.

Several other equities analysts have also commented on the stock. Macquarie initiated coverage on shares of Atlassian in a report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 target price on the stock. Raymond James upped their price objective on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Oppenheimer boosted their target price on Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Morgan Stanley raised their price target on shares of Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday. Finally, KeyCorp boosted their target price on shares of Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. 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 a consensus rating of “Moderate Buy” and an average price target of $287.48.

Atlassian Stock Performance

TEAM stock traded up $47.15 during trading hours on Friday, reaching $314.10. The stock had a trading volume of 3,177,150 shares, compared to its average volume of 1,895,598. The stock has a market capitalization of $81.80 billion, a PE ratio of -206.14 and a beta of 0.83. The stock has a 50-day simple moving average of $259.32 and a 200 day simple moving average of $206.76. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $324.37. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

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

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 15,896 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was 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 $104,529,711.60. This represents a 3.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $270.63, for a total value of $2,150,967.24. Following the sale, the director now owns 333,816 shares of the company’s stock, valued at approximately $90,340,624.08. This trade represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 257,156 shares of company stock worth $65,313,573. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TEAM. Virtu Financial LLC bought a new position in shares of Atlassian during the third quarter valued at about $606,000. Sequoia Financial Advisors LLC increased its holdings in Atlassian by 37.0% during 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. bought a new position in Atlassian during the 4th quarter valued at approximately $447,000. Paloma Partners Management Co purchased a new stake in Atlassian in the 3rd quarter worth approximately $1,588,000. Finally, Impax Asset Management Group plc increased its position in shares of Atlassian by 590.6% during 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. 94.45% 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.