Piper Sandler Increases Atlassian (NASDAQ:TEAM) Price Target to $365.00

Atlassian (NASDAQ:TEAM) had its price objective lifted by analysts at Piper Sandler from $310.00 to $365.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Piper Sandler’s target price would suggest a potential upside of 18.98% from the company’s current price.

TEAM has been the topic of a number of other reports. Cantor Fitzgerald lifted their price objective on Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research report on Friday. Jefferies Financial Group lifted their price target on shares of Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a report on Friday, January 24th. BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Mizuho lifted their target price on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Oppenheimer increased their price target on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $307.00.

Atlassian Trading Up 14.9 %

NASDAQ:TEAM opened at $306.78 on Friday. The firm has a market capitalization of $79.89 billion, a P/E ratio of -201.83 and a beta of 0.83. 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 fifty day moving average of $260.51 and a 200 day moving average of $208.24. Atlassian has a 52 week low of $135.29 and a 52 week high of $324.37.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) 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%. On average, research analysts predict that Atlassian will post -0.55 earnings per share for the current year.

Insiders Place Their Bets

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total value of $2,150,967.24. Following the completion of the transaction, the director now owns 333,816 shares of the company’s stock, valued at approximately $90,340,624.08. The trade was a 2.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $259.85, for a total transaction of $394,972.00. Following the sale, the president now directly owns 210,471 shares in the company, valued at approximately $54,690,889.35. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 257,156 shares of company stock valued at $65,313,573. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new stake in shares of Atlassian in the third quarter worth $606,000. Sequoia Financial Advisors LLC grew 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 valued at $306,000 after purchasing an additional 520 shares during the period. Fulton Bank N.A. purchased a new stake in shares of Atlassian during the 4th quarter valued at about $447,000. Paloma Partners Management Co bought a new position in shares of Atlassian in the 3rd quarter worth approximately $1,588,000. Finally, Impax Asset Management Group plc boosted its holdings in shares of Atlassian by 590.6% in the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after buying an additional 31,986 shares during 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.