Morgan Stanley Raises Atlassian (NASDAQ:TEAM) Price Target to $224.00

Atlassian (NASDAQ:TEAM) had its target price lifted by Morgan Stanley from $216.00 to $224.00 in a research report sent to investors on Friday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the technology company’s stock.

TEAM has been the subject of several other research reports. Canaccord Genuity Group raised their price target on shares of Atlassian from $200.00 to $225.00 and gave the company a buy rating in a research note on Thursday. BMO Capital Markets cut their target price on Atlassian from $220.00 to $177.00 and set a market perform rating on the stock in a report on Friday, August 2nd. JMP Securities raised Atlassian to a hold rating in a research note on Friday, August 2nd. Capital One Financial raised Atlassian from an equal weight rating to an overweight rating and set a $211.00 price objective on the stock in a research note on Thursday, July 11th. Finally, Scotiabank decreased their target price on shares of Atlassian from $210.00 to $175.00 and set a sector perform rating for the company in a research report on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $216.29.

Atlassian Stock Up 1.7 %

Shares of TEAM opened at $187.06 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian has a 52 week low of $135.29 and a 52 week high of $258.69. The stock has a market capitalization of $48.64 billion, a price-to-earnings ratio of -161.26 and a beta of 0.73. The stock has a fifty day moving average of $158.96 and a 200-day moving average of $172.04.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.21) earnings per share. As a group, sell-side analysts anticipate that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, CTO Rajeev Bashyam Rajan sold 199 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the transaction, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at $18,838,038.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares in the company, valued at $18,838,038.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $187.54, for a total value of $1,490,567.92. Following the transaction, the chief executive officer now owns 437,140 shares of the company’s stock, valued at $81,981,235.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 238,133 shares of company stock valued at $39,405,557. Company insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Several institutional investors have recently made changes to their positions in the company. Asset Dedication LLC increased its stake in Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after buying an additional 108 shares during the last quarter. Hollencrest Capital Management increased its position in shares of Atlassian by 383.9% during the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares during the last quarter. Trust Co. of Vermont boosted its position in Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after purchasing an additional 174 shares during the last quarter. Rothschild Investment LLC purchased a new position in Atlassian in the second quarter worth $36,000. Finally, GAMMA Investing LLC increased its position in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. Institutional investors own 93.03% of the company’s stock.

About Atlassian

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.