Oppenheimer Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its target price hoisted by research analysts at Oppenheimer from $300.00 to $380.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price objective indicates a potential upside of 22.84% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Robert W. Baird lifted their price objective on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Citigroup raised their price objective on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Wells Fargo & Company boosted their target price on Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday. Jefferies Financial Group increased their target price on shares of Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Finally, UBS Group boosted their price target on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Nine investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $301.05.

Atlassian Trading Up 15.9 %

Atlassian stock traded up $42.39 during trading on Friday, hitting $309.34. The company had a trading volume of 4,829,578 shares, compared to its average volume of 2,004,641. The stock has a market cap of $80.56 billion, a price-to-earnings ratio of -203.70 and a beta of 0.83. 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. The company’s 50 day simple moving average is $259.32 and its 200-day simple moving average is $206.76.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data 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 expect that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Activity

In other news, CAO Gene Liu sold 445 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $230.00, for a total value of $102,350.00. Following the completion of the transaction, the chief accounting officer now owns 58,723 shares in the company, valued at $13,506,290. This trade represents a 0.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $219.07, for a total transaction of $1,741,168.36. Following the completion of the sale, the director now owns 309,972 shares in the company, valued at $67,905,566.04. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 257,156 shares of company stock valued at $65,313,573 in the last three months. 38.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in shares of Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. True Wealth Design LLC lifted its stake in Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares in the last quarter. Avion Wealth increased its position in Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares in the last quarter. Reston Wealth Management LLC purchased a new position in Atlassian in the 3rd quarter valued at about $48,000. Finally, Quarry LP grew its holdings in shares of Atlassian by 143.8% during the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after buying an additional 220 shares in the last quarter. 94.45% of the stock is currently 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.