Robert W. Baird Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price objective boosted by analysts at Robert W. Baird from $200.00 to $245.00 in a research report issued on Monday, Marketbeat.com reports. The firm presently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s price objective suggests a potential upside of 39.24% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Zacks Research downgraded Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a report on Friday, July 17th. Citigroup increased their price target on Atlassian from $170.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. Truist Financial lifted their price objective on shares of Atlassian from $160.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Finally, BTIG Research increased their target price on shares of Atlassian from $180.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Twenty-five analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and an average price target of $191.56.

Atlassian Stock Performance

Shares of TEAM stock opened at $175.96 on Monday. The stock has a market capitalization of $44.65 billion, a PE ratio of -926.11, a PEG ratio of 14.03 and a beta of 1.15. The business’s 50 day simple moving average is $159.58 and its 200 day simple moving average is $108.75. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. Atlassian has a one year low of $56.01 and a one year high of $200.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the business earned $0.98 EPS. The company’s revenue was up 27.6% compared to the same quarter last year. As a group, research analysts forecast that Atlassian will post 0.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Brian Duffy sold 7,617 shares of Atlassian stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the transaction, the executive directly owned 220,074 shares in the company, valued at $35,872,062. This trade represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the completion of the sale, the chief accounting officer owned 56,807 shares in the company, valued at $9,941,225. This represents a 1.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 22,138 shares of company stock worth $3,751,873. Insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Pictet Asset Management Holding SA raised its position in Atlassian by 27.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock valued at $343,344,000 after buying an additional 1,080,561 shares during the last quarter. Carmignac Gestion boosted its holdings in Atlassian by 115.8% during the 1st 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 during the last quarter. Geode Capital Management LLC grew its stake in shares of Atlassian by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 2,465,854 shares of the technology company’s stock worth $398,417,000 after acquiring an additional 67,185 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Atlassian by 48.4% in the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock worth $160,377,000 after acquiring an additional 766,922 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Atlassian in the fourth quarter valued at about $323,526,000. Institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow-management software for technology, business and enterprise teams. Its products are designed to help organizations plan projects, manage software development, document and share knowledge, provide IT and customer support, and coordinate work across distributed teams.

Its product portfolio includes Jira for project and issue management, Confluence for team collaboration and knowledge sharing, Jira Service Management for IT service and support operations, and Trello for organizing tasks and projects.