Brokerages Set Atlassian Co. (NASDAQ:TEAM) Target Price at $316.77

Atlassian Co. (NASDAQ:TEAM) has been assigned an average rating of “Moderate Buy” from the twenty-five analysts that are covering the stock, Marketbeat reports. Eight analysts have rated the stock with a hold recommendation and seventeen have issued a buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $308.73.

A number of brokerages recently weighed in on TEAM. Canaccord Genuity Group lifted their target price on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. UBS Group dropped their price objective on Atlassian from $330.00 to $230.00 and set a “neutral” rating on the stock in a research note on Tuesday. Wells Fargo & Company raised their target price on Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Oppenheimer boosted their price target on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Finally, Scotiabank raised their price objective on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research report on Friday, January 31st.

Atlassian Stock Down 11.4 %

Shares of NASDAQ:TEAM opened at $198.35 on Friday. The business has a fifty day simple moving average of $265.59 and a 200 day simple moving average of $239.42. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. The firm has a market cap of $51.97 billion, a P/E ratio of -148.02 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $222.68, for a total value of $1,769,860.64. Following the transaction, the chief executive officer now owns 357,660 shares in the company, valued at $79,643,728.80. The trade was a 2.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Gene Liu sold 779 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the transaction, the chief accounting officer now directly owns 52,710 shares of the company’s stock, valued at approximately $16,867,727.10. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 270,981 shares of company stock worth $71,914,254. 38.55% of the stock is owned by insiders.

Institutional Trading of Atlassian

A number of large investors have recently bought and sold shares of the company. Corebridge Financial Inc. lifted its holdings in Atlassian by 0.3% during the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock valued at $2,555,000 after purchasing an additional 35 shares during the last quarter. GeoWealth Management LLC raised its position in shares of Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after purchasing an additional 38 shares during the period. Assetmark Inc. lifted its stake in shares of Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after buying an additional 41 shares in the last quarter. Allworth Financial LP boosted its holdings in Atlassian by 3.1% in the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after buying an additional 47 shares during the period. Finally, True Wealth Design LLC raised its holdings in Atlassian by 21.6% during the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock valued at $69,000 after acquiring an additional 50 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

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.