Atlassian (NASDAQ:TEAM) Price Target Raised to $270.00

Atlassian (NASDAQ:TEAM) had its target price hoisted by Wells Fargo & Company from $230.00 to $270.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Several other equities research analysts have also issued reports on TEAM. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research report on Thursday, October 15th. Royal Bank Of Canada boosted their price target on shares of Atlassian from $215.00 to $235.00 and gave the stock an “outperform” rating in a research note on Monday, October 12th. TD Cowen increased their price target on shares of Atlassian from $105.00 to $145.00 and gave the stock a “hold” rating in a report on Friday, August 7th. Oppenheimer raised their price objective on shares of Atlassian from $200.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, October 22nd. Finally, KeyCorp lifted their price objective on shares of Atlassian from $185.00 to $235.00 and gave the stock an “overweight” rating in a report on Monday, October 19th. Twenty-three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $215.08.

Atlassian Price Performance

NASDAQ:TEAM opened at $191.72 on Wednesday. The firm has a market capitalization of $48.53 billion, a price-to-earnings ratio of -1,009.05, a P/E/G ratio of 21.76 and a beta of 1.22. Atlassian has a 52-week low of $56.01 and a 52-week high of $229.96. The stock has a fifty day moving average of $195.23 and a 200 day moving average of $118.22. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78.

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

Insider Buying and Selling

In related news, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the sale, the chief financial officer owned 279,218 shares in the company, valued at $48,151,144.10. The trade was a 3.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 337 shares of the company’s stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $210.00, for a total value of $70,770.00. Following the completion of the sale, the chief accounting officer directly owned 55,531 shares of the company’s stock, valued at approximately $11,661,510. This represents a 0.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,475 shares of company stock worth $3,822,643 in the last quarter. 37.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Institutional investors and hedge funds have recently made changes to their positions in the business. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in Atlassian by 69.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company’s stock valued at $4,232,000 after purchasing an additional 25,400 shares during the last quarter. Arizona State Retirement System lifted its holdings in Atlassian by 6.5% in the 2nd quarter. Arizona State Retirement System now owns 48,629 shares of the technology company’s stock worth $3,783,000 after buying an additional 2,969 shares during the period. Fluent Financial LLC bought a new stake in shares of Atlassian in the 2nd quarter worth approximately $2,239,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Atlassian in the 2nd quarter worth approximately $11,584,000. Finally, IFP Advisors Inc grew its position in shares of Atlassian by 76.0% in the 2nd quarter. IFP Advisors Inc now owns 9,428 shares of the technology company’s stock worth $733,000 after buying an additional 4,071 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

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.