Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Raymond James Analyst Says

Atlassian (NASDAQ:TEAM) had its target price upped by Raymond James from $200.00 to $250.00 in a research note issued to investors on Friday morning, Benzinga reports. Raymond James currently has an outperform rating on the technology company’s stock.

Other equities research analysts have also issued reports about the stock. Canaccord Genuity Group boosted their price objective on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday. JMP Securities upgraded shares of Atlassian to a “hold” rating in a report on Friday, August 2nd. Piper Sandler boosted their price objective on shares of Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday. Scotiabank upped their price target on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday. Finally, UBS Group upped their price target on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $243.16.

Atlassian Trading Down 2.4 %

TEAM opened at $218.96 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The firm has a 50-day moving average price of $174.38 and a 200-day moving average price of $171.31. Atlassian has a twelve month low of $135.29 and a twelve month high of $258.69.

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 net margin of 8.59% and a negative return on equity of 23.38%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the company earned ($0.07) earnings per share. Atlassian’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, analysts predict that Atlassian will post -0.58 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the completion of the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at $18,838,038.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $222.72, for a total value of $1,770,178.56. Following the completion of the sale, the chief executive officer now directly owns 317,920 shares in the company, valued at $70,807,142.40. This trade represents a 0.00 % 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. Also, CTO Rajeev Bashyam Rajan sold 199 shares of Atlassian stock in a transaction on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 237,269 shares of company stock valued at $41,382,072 in the last three months. 38.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

Institutional investors and hedge funds have recently made changes to their positions in the business. Dragoneer Investment Group LLC bought a new stake in shares of Atlassian in the second quarter valued at about $469,803,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Atlassian by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after acquiring an additional 904,138 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Atlassian in the second quarter valued at about $91,072,000. Quadrature Capital Ltd purchased a new position in Atlassian in the first quarter valued at about $55,307,000. Finally, Swedbank AB purchased a new position in Atlassian in the first quarter valued at about $50,923,000. 93.03% of the stock is currently owned by institutional investors.

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.