BTIG Research Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target boosted by investment analysts at BTIG Research from $180.00 to $230.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. BTIG Research’s target price indicates a potential upside of 23.36% from the stock’s previous close.

TEAM has been the topic of several other research reports. Royal Bank Of Canada assumed coverage on Atlassian in a report on Tuesday, August 25th. They set an “outperform” rating and a $215.00 price target on the stock. Sanford C. Bernstein reiterated an “outperform” rating on shares of Atlassian in a report on Monday, June 29th. KeyCorp raised their price objective on shares of Atlassian from $115.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $126.00 target price on shares of Atlassian in a report on Monday, August 3rd. Finally, Robert W. Baird set a $200.00 price target on Atlassian in a report on Friday, August 7th. Twenty-five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and an average target price of $183.81.

Atlassian Price Performance

TEAM stock opened at $186.44 on Thursday. The business’s fifty day moving average price is $121.40 and its 200 day moving average price is $94.17. Atlassian has a 12-month low of $56.01 and a 12-month high of $197.30. The company has a market capitalization of $47.31 billion, a PE ratio of -981.26, a P/E/G ratio of 14.70 and a beta of 1.15. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the firm earned $0.98 earnings per share. The business’s revenue for the quarter was up 27.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Atlassian will post 0.94 EPS for the current year.

Insider Buying and Selling at Atlassian

In other news, CAO Gene Liu sold 939 shares of Atlassian stock in a transaction on Friday, August 28th. The shares were sold at an average price of $190.00, for a total value of $178,410.00. Following the transaction, the chief accounting officer directly owned 55,868 shares of the company’s stock, valued at $10,614,920. The trade was a 1.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Brian Duffy sold 1,851 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $319,204.95. Following the sale, the executive owned 218,223 shares of the company’s stock, valued at approximately $37,632,556.35. This represents a 0.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 31,288 shares of company stock worth $4,597,259. 36.66% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Snowden Capital Advisors LLC raised its stake in Atlassian by 1.6% during the 2nd quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock valued at $907,000 after acquiring an additional 71 shares during the last quarter. New York Life Investment Management LLC increased its holdings in shares of Atlassian by 6.7% in the fourth quarter. New York Life Investment Management LLC now owns 2,199 shares of the technology company’s stock valued at $357,000 after purchasing an additional 139 shares during the period. ICICI Prudential Asset Management Co Ltd raised its stake in shares of Atlassian by 5.6% during the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 2,696 shares of the technology company’s stock worth $437,000 after purchasing an additional 143 shares during the last quarter. Lido Advisors LLC boosted its holdings in shares of Atlassian by 5.1% in the fourth quarter. Lido Advisors LLC now owns 3,070 shares of the technology company’s stock valued at $492,000 after acquiring an additional 149 shares in the last quarter. Finally, Coldstream Capital Management Inc. increased its stake in shares of Atlassian by 10.7% during the fourth quarter. Coldstream Capital Management Inc. now owns 1,588 shares of the technology company’s stock worth $257,000 after acquiring an additional 153 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.