Atlassian (NASDAQ:TEAM) Price Target Raised to $370.00 at The Goldman Sachs Group

Atlassian (NASDAQ:TEAM) had its price target hoisted by The Goldman Sachs Group from $245.00 to $370.00 in a research report sent to investors on Monday,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

Several other equities research analysts have also issued reports on the stock. Piper Sandler increased their target price on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday. Barclays increased their target price on Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday. Jefferies Financial Group raised their price objective on Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, January 24th. Citigroup increased their price objective on shares of Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Macquarie started coverage on shares of Atlassian in a research note on Thursday, December 12th. They set a “neutral” rating and a $290.00 target price for the company. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus target price of $318.43.

Atlassian Stock Up 1.5 %

Shares of TEAM stock opened at $311.40 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The business’s fifty day moving average is $260.51 and its 200 day moving average is $208.44. Atlassian has a twelve month low of $135.29 and a twelve month high of $324.37.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 18.00%. As a group, sell-side analysts predict that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $308.86, for a total transaction of $2,454,819.28. Following the transaction, the director now directly owns 317,920 shares of the company’s stock, valued at approximately $98,192,771.20. This trade represents a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $243.55, for a total value of $3,871,470.80. Following the sale, the chief executive officer now directly owns 429,192 shares in the company, valued at approximately $104,529,711.60. The trade was a 3.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 257,935 shares of company stock worth $66,276,511. 38.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently bought and sold shares of TEAM. Avion Wealth raised its stake in Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after purchasing an additional 157 shares during the last quarter. True Wealth Design LLC lifted its holdings in shares of Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares during the period. Kestra Investment Management LLC acquired a new position in Atlassian in the fourth quarter valued at about $56,000. GAMMA Investing LLC grew its position in Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares during the last quarter. Finally, Reston Wealth Management LLC acquired a new stake in Atlassian in the 3rd quarter valued at about $48,000. 94.45% of the stock is currently owned by institutional investors.

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.