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

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

Several brokerages recently commented on TEAM. Truist Financial lifted their price target on shares of Atlassian from $200.00 to $250.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Robert W. Baird boosted their target price on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Macquarie assumed coverage on Atlassian in a research note on Thursday, December 12th. They set a “neutral” rating and a $290.00 price target on the stock. Mizuho boosted their price objective on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, KeyCorp raised their target price on shares of Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th.

Atlassian Stock Up 2.4 %

Shares of NASDAQ TEAM opened at $257.49 on Wednesday. The business has a 50-day moving average of $238.69 and a two-hundred day moving average of $191.16. The company has a market capitalization of $67.06 billion, a price-to-earnings ratio of -169.40 and a beta of 0.80. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping 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 firm 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 business earned ($0.07) earnings per share. The firm’s revenue was up 21.5% compared to the same quarter last year. On average, analysts forecast that Atlassian will post -0.54 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Rajeev Bashyam Rajan sold 5,172 shares of Atlassian stock in a transaction on Friday, October 11th. The stock was sold at an average price of $190.00, for a total transaction of $982,680.00. Following the completion of the transaction, the chief technology officer now owns 204,109 shares of the company’s stock, valued at $38,780,710. The trade was a 2.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $161.30, for a total transaction of $1,282,012.40. Following the completion of the sale, the chief executive officer now directly owns 7,948 shares in the company, valued at approximately $1,282,012.40. The trade was a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 269,402 shares of company stock worth $59,651,521 in the last 90 days. 38.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently modified their holdings of TEAM. Virtu Financial LLC purchased a new stake in Atlassian in the 3rd quarter valued at approximately $606,000. Sequoia Financial Advisors LLC lifted its position in shares of Atlassian by 37.0% in the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after acquiring an additional 520 shares in the last quarter. Paloma Partners Management Co acquired a new stake in shares of Atlassian during the third quarter valued at $1,588,000. Impax Asset Management Group plc increased its position in Atlassian by 590.6% during the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after purchasing an additional 31,986 shares in the last quarter. Finally, Parnassus Investments LLC raised its stake in Atlassian by 322.9% in the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after purchasing an additional 245,286 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

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.