Atlassian (NASDAQ:TEAM) Price Target Raised to $235.00

Atlassian (NASDAQ:TEAM) had its price target boosted by KeyCorp from $185.00 to $235.00 in a research report sent to investors on Monday morning, MarketBeat reports. They currently have an overweight rating on the technology company’s stock.

Several other research firms also recently issued reports on TEAM. Wells Fargo & Company upped their price objective on shares of Atlassian from $180.00 to $230.00 and gave the stock an “overweight” rating in a report on Wednesday, October 14th. TD Cowen boosted their price objective on Atlassian from $105.00 to $145.00 and gave the company a “hold” rating in a research report on Friday, August 7th. Truist Financial increased their price target on shares of Atlassian from $160.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Mizuho raised their target price on Atlassian from $215.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. Finally, FBN Securities reaffirmed an “outperform” rating and issued a $170.00 price target on shares of Atlassian in a research note on Monday, August 10th. Twenty-four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $210.46.

Atlassian Stock Performance

Shares of TEAM opened at $225.51 on Monday. The firm has a market cap of $57.23 billion, a price-to-earnings ratio of 221.11, a price-to-earnings-growth ratio of 23.58 and a beta of 1.22. The company’s fifty day moving average is $188.80 and its 200-day moving average is $123.70. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian has a 12 month low of $56.01 and a 12 month high of $227.36.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. Atlassian’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.98 EPS. Equities analysts expect that Atlassian will post 0.69 EPS for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CFO James Chuong sold 9,054 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the transaction, the chief financial officer directly owned 279,218 shares of the company’s stock, valued at approximately $48,151,144.10. This trade represents a 3.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of Atlassian stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the sale, the chief accounting officer directly owned 56,807 shares of the company’s stock, valued at $9,941,225. This represents a 1.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,475 shares of company stock worth $3,822,643 over the last 90 days. Insiders own 37.63% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TEAM. Pictet Asset Management Holding SA boosted its holdings in Atlassian by 27.4% during the first quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock worth $343,344,000 after buying an additional 1,080,561 shares during the last quarter. Carmignac Gestion increased its position in shares of Atlassian by 115.8% during the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock worth $177,707,000 after acquiring an additional 1,397,402 shares in the last quarter. First Trust Advisors LP increased its holdings in Atlassian by 48.4% during the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock worth $160,377,000 after purchasing an additional 766,922 shares in the last quarter. KBC Group NV grew its holdings in shares of Atlassian by 1,691.2% during the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock worth $98,281,000 after buying an additional 1,359,624 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Atlassian by 1,516.7% during the 1st quarter. SG Americas Securities LLC now owns 905,629 shares of the technology company’s stock worth $61,809,000 after acquiring an additional 849,613 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Company Profile

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.