Atlassian (NASDAQ:TEAM) Given New $285.00 Price Target at Canaccord Genuity Group

Atlassian (NASDAQ:TEAM) had its target price increased by Canaccord Genuity Group from $255.00 to $285.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

Other research analysts have also recently issued reports about the company. Piper Sandler raised their price objective on Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Wells Fargo & Company boosted their price target on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Truist Financial raised their target price on shares of Atlassian from $200.00 to $250.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. UBS Group upped their price objective on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Finally, Macquarie initiated coverage on Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 target price on the stock. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and an average price target of $258.00.

Atlassian Stock Performance

Shares of TEAM opened at $257.26 on Friday. The firm has a market cap of $67.00 billion, a PE ratio of -169.25 and a beta of 0.80. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The stock’s fifty day moving average price is $237.54 and its two-hundred day moving average price is $190.08. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The business 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 revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.07) EPS. On average, equities research analysts forecast that Atlassian will post -0.54 EPS for the current year.

Insider Activity

In other Atlassian news, CAO Gene Liu sold 165 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the transaction, the chief accounting officer now directly owns 56,423 shares in the company, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $161.98, for a total transaction of $1,287,417.04. Following the sale, the chief executive officer now directly owns 23,844 shares of the company’s stock, valued at $3,862,251.12. This represents a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 285,298 shares of company stock valued at $62,228,660. 38.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Asset Dedication LLC lifted its holdings in Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares during the last quarter. Rothschild Investment LLC bought a new stake in Atlassian during the second quarter worth approximately $36,000. GAMMA Investing LLC boosted its stake in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after buying an additional 96 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares in the last quarter. Finally, Reston Wealth Management LLC acquired a new stake in shares of Atlassian during the 3rd quarter valued at $48,000. 94.45% of the stock is owned by institutional investors and hedge funds.

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.