Brokerages Set Atlassian Co. (NASDAQ:TEAM) Target Price at $256.50

Atlassian Co. (NASDAQ:TEAM) has been given an average rating of “Moderate Buy” by the twenty-three analysts that are covering the firm, MarketBeat Ratings reports. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $258.00.

A number of analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Scotiabank increased their target price on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Canaccord Genuity Group lifted their price target on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Truist Financial raised their price objective on Atlassian from $200.00 to $250.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Finally, KeyCorp lifted their target price on shares of Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th.

Insider Buying and Selling

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $159.81, for a total transaction of $1,270,169.88. Following the sale, the chief executive officer now owns 500,724 shares of the company’s stock, valued at approximately $80,020,702.44. This represents a 1.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $188.79, for a total transaction of $143,480.40. Following the completion of the transaction, the president now owns 228,996 shares of the company’s stock, valued at $43,232,154.84. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 269,402 shares of company stock valued at $59,651,521. Company insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Asset Dedication LLC boosted its holdings in Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after purchasing an additional 108 shares during the period. Rothschild Investment LLC acquired a new position in shares of Atlassian during the second quarter worth about $36,000. True Wealth Design LLC grew its position 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 worth $37,000 after buying an additional 231 shares in the last quarter. GAMMA Investing LLC raised its holdings in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares in the last quarter. Finally, Reston Wealth Management LLC purchased a new position in Atlassian in the third quarter worth approximately $48,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Price Performance

NASDAQ:TEAM opened at $257.49 on Wednesday. The stock has a market capitalization of $67.06 billion, a PE ratio of -169.40 and a beta of 0.80. Atlassian has a 52 week low of $135.29 and a 52 week high of $287.97. 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 stock’s 50-day moving average price is $238.69 and its 200-day moving average price is $191.16.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the company earned ($0.07) earnings per share. Atlassian’s quarterly revenue was up 21.5% compared to the same quarter last year. As a group, equities analysts expect that Atlassian will post -0.54 EPS for the current fiscal year.

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.