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

Atlassian (NASDAQ:TEAM) had its target price hoisted by stock analysts at Piper Sandler from $265.00 to $310.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price objective would indicate a potential upside of 25.08% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the stock. Robert W. Baird boosted their price target on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Canaccord Genuity Group increased their price target on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, December 20th. BMO Capital Markets raised their price target on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research report on Friday, November 1st. Mizuho upped their price objective on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, KeyCorp raised their target price on Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Nine equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $264.25.

Atlassian Stock Down 2.7 %

Shares of NASDAQ TEAM opened at $247.85 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The company has a market cap of $64.55 billion, a price-to-earnings ratio of -163.06 and a beta of 0.83. Atlassian has a 12-month low of $135.29 and a 12-month high of $287.97. The firm’s 50-day simple moving average is $250.65 and its 200 day simple moving average is $197.58.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. Atlassian’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.07) earnings per share. On average, research analysts expect that Atlassian will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $189.96, for a total transaction of $1,509,802.08. Following the completion of the transaction, the director now owns 413,296 shares in the company, valued at approximately $78,509,708.16. This represents a 1.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on Friday, October 18th. The shares were sold at an average price of $188.79, for a total transaction of $143,480.40. Following the completion of the sale, the president now owns 228,996 shares in the company, valued at $43,232,154.84. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 269,402 shares of company stock valued at $63,056,206 in the last 90 days. 38.55% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Baillie Gifford & Co. increased its position in shares of Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after purchasing an additional 78,454 shares during the last quarter. State Street Corp increased its holdings in Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after buying an additional 8,957 shares during the last quarter. Dragoneer Investment Group LLC bought a new stake in Atlassian during the second quarter worth $469,803,000. JPMorgan Chase & Co. lifted its stake in Atlassian by 5.6% in the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock valued at $393,588,000 after acquiring an additional 131,621 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Atlassian by 7.4% during the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after purchasing an additional 150,237 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

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.