Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Oppenheimer Analyst Says

Atlassian (NASDAQ:TEAM) had its target price increased by Oppenheimer from $270.00 to $300.00 in a research note released on Monday morning,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Other research analysts also recently issued reports about the company. Canaccord Genuity Group lifted their target price on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Jefferies Financial Group upped their price target on shares of Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Wells Fargo & Company raised their price target on Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Macquarie started coverage on shares of Atlassian in a report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective for the company. Finally, UBS Group boosted their price target on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Nine analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $264.25.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $244.49 on Monday. The stock has a market capitalization of $63.67 billion, a price-to-earnings ratio of -160.85 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50-day moving average of $251.77 and a 200-day moving average of $198.18. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $287.97.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm posted ($0.07) EPS. The company’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, sell-side analysts predict that Atlassian will post -0.54 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In related news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $190.00, for a total value of $982,680.00. Following the completion of the sale, the chief technology officer now directly owns 204,109 shares of the company’s stock, valued at approximately $38,780,710. This represents a 2.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $187.54, for a total value of $1,490,567.92. Following the completion of the sale, the chief executive officer now owns 437,140 shares of the company’s stock, valued at $81,981,235.60. The trade was a 1.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 277,350 shares of company stock valued at $64,990,352 over the last ninety days. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently modified their holdings of TEAM. Virtu Financial LLC purchased a new position in shares of Atlassian in the 3rd quarter worth $606,000. Sequoia Financial Advisors LLC boosted its holdings 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 valued at $306,000 after buying an additional 520 shares in the last quarter. Paloma Partners Management Co acquired a new stake in shares of Atlassian in the 3rd quarter worth $1,588,000. Impax Asset Management Group plc increased its holdings 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 acquiring an additional 31,986 shares in the last quarter. Finally, Parnassus Investments LLC grew its holdings in shares of Atlassian by 322.9% during the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after buying an additional 245,286 shares during the last quarter. Hedge funds and other institutional investors 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.