BMO Capital Markets Increases Atlassian (NASDAQ:TEAM) Price Target to $255.00

Atlassian (NASDAQ:TEAM) had its target price upped by stock analysts at BMO Capital Markets from $177.00 to $255.00 in a research report issued on Friday, MarketBeat Ratings reports. The firm presently has a “market perform” rating on the technology company’s stock. BMO Capital Markets’ price objective points to a potential upside of 13.66% from the company’s previous close.

A number of other research firms have also issued reports on TEAM. KeyCorp upgraded Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 target price for the company in a report on Friday. Robert W. Baird lowered Atlassian from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $230.00 to $175.00 in a research report on Friday, August 2nd. StockNews.com cut Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. The Goldman Sachs Group raised shares of Atlassian from a “neutral” rating to a “buy” rating and increased their price target for the stock from $200.00 to $230.00 in a research report on Friday, August 2nd. Finally, Mizuho boosted their price objective on shares of Atlassian from $190.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and an average target price of $243.16.

Atlassian Price Performance

TEAM stock opened at $224.35 on Friday. Atlassian has a one year low of $135.29 and a one year high of $258.69. The firm has a 50-day moving average of $173.30 and a two-hundred day moving average of $171.30. The firm has a market capitalization of $58.34 billion, a PE ratio of -147.60 and a beta of 0.71. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the business earned ($0.21) earnings per share. The firm’s revenue was up 20.5% compared to the same quarter last year. On average, analysts forecast that Atlassian will post -0.58 earnings per share for the current year.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $192.56, for a total transaction of $1,530,466.88. Following the transaction, the chief executive officer now owns 333,816 shares in the company, valued at $64,279,608.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $192.56, for a total transaction of $1,530,466.88. Following the transaction, the chief executive officer now owns 333,816 shares in the company, valued at approximately $64,279,608.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 230,185 shares of company stock worth $39,155,661. 38.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. First Trust Direct Indexing L.P. increased its position in shares of Atlassian by 1.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock worth $721,000 after purchasing an additional 55 shares in the last quarter. Financial Advocates Investment Management increased its holdings in shares of Atlassian by 1.7% during the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock worth $662,000 after buying an additional 62 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Atlassian by 1.4% in the first quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company’s stock valued at $890,000 after acquiring an additional 65 shares during the last quarter. Legacy Wealth Asset Management LLC boosted its holdings in shares of Atlassian by 2.1% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after acquiring an additional 70 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its position in Atlassian by 0.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 19,544 shares of the technology company’s stock worth $3,813,000 after acquiring an additional 72 shares during the last quarter. 93.03% 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.