Atlassian Corporation PLC (NASDAQ:TEAM) Receives $145.63 Consensus Price Target from Brokerages

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) have received an average recommendation of “Moderate Buy” from the twenty-eight analysts that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, twenty-one have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $145.6296.

A number of analysts recently issued reports on the company. Morgan Stanley reduced their price objective on Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, April 16th. BMO Capital Markets reduced their price objective on Atlassian from $130.00 to $105.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. Wall Street Zen cut Atlassian from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Citigroup reduced their price objective on Atlassian from $160.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, KeyCorp reduced their price objective on Atlassian from $170.00 to $130.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st.

Insiders Place Their Bets

In related news, CRO Brian Duffy sold 1,986 shares of Atlassian stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $174,271.50. Following the completion of the sale, the executive owned 236,841 shares of the company’s stock, valued at approximately $20,782,797.75. This trade represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. The trade was a 2.97% 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. In the last three months, insiders have sold 10,891 shares of company stock valued at $955,683. Insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

A number of institutional investors and hedge funds have recently made changes to their positions in TEAM. AQR Capital Management LLC lifted its position in shares of Atlassian by 291.4% in the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after buying an additional 5,769,788 shares during the last quarter. DNB Asset Management AS lifted its position in shares of Atlassian by 266.6% in the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock worth $448,260,000 after buying an additional 2,041,210 shares during the last quarter. Norges Bank acquired a new stake in shares of Atlassian in the fourth quarter worth about $323,526,000. Morgan Stanley lifted its position in shares of Atlassian by 52.4% in the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after buying an additional 1,657,309 shares during the last quarter. Finally, KBC Group NV lifted its position in shares of Atlassian by 1,691.2% in 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 during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Stock Performance

Shares of TEAM stock opened at $107.61 on Wednesday. Atlassian has a 1-year low of $56.01 and a 1-year high of $222.59. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $27.31 billion, a price-to-earnings ratio of -129.65, a P/E/G ratio of 5.29 and a beta of 0.90. The stock’s fifty day simple moving average is $75.55 and its 200-day simple moving average is $108.19.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. Atlassian’s revenue for the quarter was up 31.7% compared to the same quarter last year. On average, sell-side analysts predict that Atlassian will post 0.81 earnings per share for the current fiscal year.

Atlassian Company Profile

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.