Atlassian (NASDAQ:TEAM) Price Target Raised to $250.00 at Scotiabank

Atlassian (NASDAQ:TEAM) had its price objective lifted by Scotiabank from $175.00 to $250.00 in a report issued on Friday morning, Benzinga reports. The firm currently has a sector perform rating on the technology company’s stock.

A number of other equities analysts have also issued reports on TEAM. Piper Sandler increased their price objective on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday. Canaccord Genuity Group increased their price objective on Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday. Truist Financial increased their price objective on Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a report on Friday. Morgan Stanley increased their price objective on Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, StockNews.com lowered Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Stock Down 2.4 %

Shares of Atlassian stock opened at $218.96 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The business’s 50 day simple moving average is $174.38 and its 200-day simple moving average is $171.31. Atlassian has a twelve month low of $135.29 and a twelve month high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative return on equity of 23.38% and a negative net margin of 8.59%. The business’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) EPS. As a group, equities research analysts expect that Atlassian will post -0.58 EPS for the current year.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $222.72, for a total value of $1,770,178.56. Following the completion of the sale, the chief executive officer now owns 317,920 shares in the company, valued at $70,807,142.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction 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 completion of the sale, the chief technology officer now directly owns 128,957 shares in the company, valued at approximately $18,838,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $222.72, for a total value of $1,770,178.56. Following the sale, the chief executive officer now owns 317,920 shares of the company’s stock, valued at approximately $70,807,142.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 237,269 shares of company stock worth $41,382,072 over the last quarter. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently modified their holdings of the company. Venturi Wealth Management LLC raised its holdings in shares of Atlassian by 18.6% during the third quarter. Venturi Wealth Management LLC now owns 1,411 shares of the technology company’s stock worth $224,000 after acquiring an additional 221 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in Atlassian by 1.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 58,885 shares of the technology company’s stock worth $9,352,000 after buying an additional 1,121 shares during the last quarter. Lindbrook Capital LLC increased its position in Atlassian by 8.0% during the third quarter. Lindbrook Capital LLC now owns 1,802 shares of the technology company’s stock worth $286,000 after buying an additional 133 shares during the last quarter. Verdence Capital Advisors LLC increased its position in Atlassian by 88.8% during the third quarter. Verdence Capital Advisors LLC now owns 3,503 shares of the technology company’s stock worth $556,000 after buying an additional 1,648 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Atlassian during the third quarter worth $103,000. 93.03% of the stock is currently owned by hedge funds and other 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.