Atlassian (NASDAQ:TEAM) Price Target Raised to $375.00 at Wells Fargo & Company

Atlassian (NASDAQ:TEAM) had its target price hoisted by Wells Fargo & Company from $350.00 to $375.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Several other research analysts also recently commented on TEAM. Canaccord Genuity Group lifted their target price on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a report on Friday, December 20th. UBS Group upped their price target on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Raymond James boosted their price objective on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. KeyCorp lifted their target price on Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Piper Sandler raised their price objective on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and sixteen 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 $307.00.

Atlassian Trading Up 14.9 %

Shares of NASDAQ TEAM opened at $306.78 on Friday. Atlassian has a 52 week low of $135.29 and a 52 week high of $324.37. The stock’s fifty day moving average is $260.51 and its 200 day moving average is $208.06. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. As a group, analysts forecast that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $219.07, for a total value of $1,741,168.36. Following the transaction, the director now directly owns 309,972 shares of the company’s stock, valued at approximately $67,905,566.04. The trade was a 2.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Gene Liu sold 785 shares of Atlassian stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $240.00, for a total transaction of $188,400.00. Following the sale, the chief accounting officer now owns 57,938 shares in the company, valued at approximately $13,905,120. The trade was a 1.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 257,156 shares of company stock valued at $65,313,573 over the last 90 days. 38.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in shares of Atlassian during the 3rd quarter valued at approximately $606,000. Sequoia Financial Advisors LLC raised its position in shares of Atlassian by 37.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after buying an additional 520 shares in the last quarter. Fulton Bank N.A. bought a new position in shares of Atlassian in the 4th quarter valued at about $447,000. Paloma Partners Management Co purchased a new position in Atlassian in the third quarter worth about $1,588,000. Finally, Impax Asset Management Group plc raised its position in Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after purchasing an additional 31,986 shares during the period. 94.45% of the stock is 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.