Atlassian (NASDAQ:TEAM) Given New $370.00 Price Target at The Goldman Sachs Group

Atlassian (NASDAQ:TEAM) had its price target lifted by research analysts at The Goldman Sachs Group from $245.00 to $370.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 18.30% from the stock’s previous close.

Several other brokerages also recently issued reports on TEAM. Morgan Stanley upped their target price on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research note on Friday. Cantor Fitzgerald lifted their target price on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research report on Friday. Canaccord Genuity Group upped their target price on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Wells Fargo & Company upped their price target on Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Robert W. Baird upped their price objective on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $318.43.

Atlassian Stock Up 1.9 %

Atlassian stock traded up $5.98 on Monday, hitting $312.76. 1,966,636 shares of the stock traded hands, compared to its average volume of 2,175,302. The business’s fifty day simple moving average is $260.51 and its 200 day simple moving average is $208.44. The firm has a market cap of $81.45 billion, a P/E ratio of -232.96 and a beta of 0.87. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a 1 year low of $135.29 and a 1 year high of $324.37.

Atlassian (NASDAQ:TEAM) last announced 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 7.22% and a negative return on equity of 18.00%. As a group, sell-side analysts forecast that Atlassian will post -0.55 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $224.33, for a total transaction of $1,782,974.84. Following the transaction, the chief executive officer now directly owns 294,076 shares of the company’s stock, valued at approximately $65,970,069.08. This represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 1,659 shares of Atlassian stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total transaction of $407,798.79. Following the completion of the sale, the president now owns 213,511 shares of the company’s stock, valued at $52,483,138.91. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 249,208 shares of company stock valued at $63,572,404 in the last ninety days. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new stake in shares of Atlassian during the 3rd quarter valued at about $606,000. Sequoia Financial Advisors LLC raised its stake 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 worth $306,000 after buying an additional 520 shares during the period. Fulton Bank N.A. purchased a new position in shares of Atlassian during the 4th quarter valued at approximately $447,000. Paloma Partners Management Co purchased a new stake in Atlassian in the 3rd quarter worth $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 worth $5,940,000 after acquiring an additional 31,986 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

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.