Atlassian (NASDAQ:TEAM) Price Target Raised to $380.00 at Oppenheimer

Atlassian (NASDAQ:TEAM) had its price target upped by Oppenheimer from $300.00 to $380.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the technology company’s stock.

Other analysts have also recently issued research reports about the company. William Blair reiterated an “outperform” rating on shares of Atlassian in a report on Friday. Canaccord Genuity Group increased their price objective on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Scotiabank lifted their target price on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday. Citigroup increased their price target on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Wells Fargo & Company boosted their price objective on Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday. Nine analysts have rated the stock with a hold rating and sixteen have given 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 Price Performance

Atlassian stock opened at $306.78 on Friday. Atlassian has a 1 year low of $135.29 and a 1 year high of $324.37. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a 50 day moving average price of $260.51 and a 200 day moving average price of $208.06.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. As a group, sell-side analysts forecast that Atlassian will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian 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 transaction, the chief executive officer now directly owns 135,116 shares of the company’s stock, valued at approximately $37,668,989.64. The trade was a 5.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total transaction of $825,000.00. Following the sale, the director now owns 5,610 shares in the company, valued at approximately $1,542,750. This trade represents a 34.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 257,156 shares of company stock valued at $65,313,573 in the last quarter. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TEAM. Allworth Financial LP boosted its holdings in shares of Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after acquiring an additional 47 shares during the period. GAMMA Investing LLC boosted its stake in Atlassian by 22.9% during the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock valued at $71,000 after purchasing an additional 54 shares during the period. Venturi Wealth Management LLC grew its position in Atlassian by 4.0% in the 4th quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock worth $357,000 after purchasing an additional 56 shares during the last quarter. J.W. Cole Advisors Inc. increased its stake in shares of Atlassian by 1.5% in the fourth quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock valued at $963,000 after purchasing an additional 59 shares during the period. Finally, Legacy Wealth Asset Management LLC raised its holdings in shares of Atlassian by 2.1% during the third quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock valued at $544,000 after buying an additional 70 shares during the last quarter. 94.45% of the stock is currently owned by 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.