Atlassian (NASDAQ:TEAM) Price Target Raised to $370.00

Atlassian (NASDAQ:TEAM) had its price target raised by The Goldman Sachs Group from $245.00 to $370.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

TEAM has been the topic of several other research reports. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and upped their price target for the company from $255.00 to $292.00 in a research note on Friday, January 10th. Truist Financial reaffirmed a “buy” rating and issued a $350.00 price target (up previously from $300.00) on shares of Atlassian in a research note on Friday, January 31st. Wells Fargo & Company upped their price target on Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Oppenheimer upped their price target on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Finally, Cantor Fitzgerald upped their price target on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Eight investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $318.43.

Atlassian Stock Up 1.3 %

Shares of NASDAQ:TEAM opened at $320.80 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 business has a fifty day moving average of $263.77 and a two-hundred day moving average of $211.16. The stock has a market cap of $83.55 billion, a P/E ratio of -239.40 and a beta of 0.87. Atlassian has a 52-week low of $135.29 and a 52-week high of $324.37.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 18.00%. On average, research analysts expect that Atlassian will post -0.55 earnings per share for the current year.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 1,659 shares of Atlassian stock in a transaction on 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 sale, the president now directly owns 213,511 shares of the company’s stock, valued at approximately $52,483,138.91. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 15,896 shares of Atlassian stock in a transaction on Friday, January 10th. The stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the sale, the chief executive officer now owns 429,192 shares in the company, valued at $104,529,711.60. This represents a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 257,490 shares of company stock valued at $66,864,604. Insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds and other institutional investors have recently bought and sold shares of TEAM. Point72 Asset Management L.P. raised its stake in Atlassian by 760.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after acquiring an additional 617,566 shares in the last quarter. Two Sigma Advisers LP raised its stake in Atlassian by 122.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after acquiring an additional 551,500 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in Atlassian during the 3rd quarter worth $57,149,000. Parnassus Investments LLC raised its stake in Atlassian by 322.9% during the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after acquiring an additional 245,286 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in Atlassian by 12,047.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 228,124 shares of the technology company’s stock worth $55,521,000 after acquiring an additional 226,246 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.