Atlassian (NASDAQ:TEAM) Price Target Raised to $330.00 at Scotiabank

Atlassian (NASDAQ:TEAM) had its price objective lifted by Scotiabank from $250.00 to $330.00 in a report released on Friday morning,Benzinga reports. They currently have a sector perform rating on the technology company’s stock.

TEAM has been the subject of several other research reports. Citigroup raised their target price on Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Truist Financial upgraded Atlassian from a “hold” rating to a “buy” rating and upped their price target for the stock from $250.00 to $300.00 in a report on Tuesday, January 7th. Mizuho raised their price objective on shares of Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday. Piper Sandler increased their price target on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Jefferies Financial Group lifted their target price on shares of Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $307.00.

Atlassian Stock Performance

Atlassian stock opened at $306.78 on Friday. Atlassian has a 52-week low of $135.29 and a 52-week high of $324.37. 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 firm has a fifty day moving average of $260.51 and a 200-day moving average of $208.06.

Atlassian (NASDAQ:TEAM) last announced 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 predict that Atlassian will post -0.55 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $278.79, for a total value of $2,215,822.92. Following the completion of the sale, the chief executive officer now owns 135,116 shares in the company, valued at approximately $37,668,989.64. This trade represents a 5.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 1,659 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total transaction of $407,798.79. Following the completion of the transaction, the president now owns 213,511 shares in the company, valued at approximately $52,483,138.91. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 257,156 shares of company stock valued at $65,313,573. 38.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently made changes to their positions in TEAM. Baillie Gifford & Co. boosted its stake in shares of Atlassian by 0.9% in the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after purchasing an additional 78,454 shares in the last quarter. State Street Corp boosted its position in Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after buying an additional 8,957 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Atlassian by 5.6% in the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after buying an additional 131,621 shares during the period. FMR LLC lifted its stake in shares of Atlassian by 7.4% in the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after acquiring an additional 150,237 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Atlassian by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock valued at $340,453,000 after acquiring an additional 57,911 shares during the period. 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.