Atlassian (NASDAQ:TEAM) Price Target Raised to $260.00

Atlassian (NASDAQ:TEAM) had its price target lifted by BTIG Research from $230.00 to $260.00 in a research report released on Tuesday, Marketbeat.com reports. The brokerage currently has a buy rating on the technology company’s stock.

TEAM has been the topic of a number of other reports. Bank of America upped their target price on shares of Atlassian from $175.00 to $210.00 and gave the stock a “buy” rating in a research note on Monday, August 31st. BMO Capital Markets boosted their price target on Atlassian from $95.00 to $175.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Robert W. Baird boosted their price target on Atlassian from $200.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, September 28th. Sanford C. Bernstein reissued an “outperform” rating on shares of Atlassian in a research note on Monday, June 29th. Finally, Barclays raised their price objective on Atlassian from $172.00 to $222.00 and gave the stock an “overweight” rating in a report on Tuesday, October 13th. Twenty-four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $213.35.

Atlassian Stock Down 1.0%

NASDAQ:TEAM opened at $223.16 on Tuesday. Atlassian has a twelve month low of $56.01 and a twelve month high of $229.96. The company has a market cap of $56.63 billion, a price-to-earnings ratio of 225.51, a price-to-earnings-growth ratio of 24.05 and a beta of 1.22. The stock has a fifty day simple moving average of $189.94 and a 200-day simple moving average of $124.79. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.37. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The business’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 earnings per share. Analysts anticipate that Atlassian will post 0.69 EPS for the current year.

Insider Activity

In related news, CAO Gene Liu sold 1,125 shares of the company’s stock in a transaction on 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 directly owned 56,807 shares in the company, valued at $9,941,225. This represents a 1.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James Chuong sold 9,054 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the sale, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 22,475 shares of company stock worth $3,822,643. 37.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently added to or reduced their stakes in the company. Wedbush Securities Inc. purchased a new stake in shares of Atlassian during the third quarter valued at about $461,000. Yousif Capital Management LLC purchased a new position in shares of Atlassian in the 3rd quarter worth approximately $391,000. MBL Wealth LLC grew its position in shares of Atlassian by 124.1% in the 3rd quarter. MBL Wealth LLC now owns 6,602 shares of the technology company’s stock worth $1,184,000 after buying an additional 3,656 shares during the last quarter. Cogent Strategic Wealth LLC purchased a new position in shares of Atlassian in the 3rd quarter worth approximately $291,000. Finally, Root Financial Partners LLC bought a new position in shares of Atlassian during the 3rd quarter worth approximately $247,000. 94.45% of the stock is currently owned by institutional investors.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.