Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Scotiabank Analyst Says

Atlassian (NASDAQ:TEAM) had its price objective hoisted by investment analysts at Scotiabank from $175.00 to $250.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price objective would suggest a potential upside of 11.43% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley lifted their price target on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Jefferies Financial Group upped their price target on Atlassian from $240.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday. Baird R W cut Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Barclays lowered their target price on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Finally, Mizuho boosted their price target on shares of Atlassian from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $243.16.

Atlassian Trading Up 19.0 %

NASDAQ TEAM opened at $224.35 on Friday. The stock has a market capitalization of $58.34 billion, a P/E ratio of -147.60 and a beta of 0.71. The business has a 50 day simple moving average of $173.30 and a 200 day simple moving average of $171.30. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian has a one year low of $135.29 and a one year high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the firm posted ($0.21) EPS. The company’s quarterly revenue was up 20.5% on a year-over-year basis. Research analysts expect that Atlassian will post -0.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the sale, the president now directly owns 143,966 shares of the company’s stock, valued at $23,482,294.26. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the transaction, the president now directly owns 143,966 shares in the company, valued at $23,482,294.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the sale, the chief executive officer now owns 294,076 shares of the company’s stock, valued at approximately $41,329,441.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 230,185 shares of company stock valued at $39,155,661. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its holdings in Atlassian by 123.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 61,856 shares of the technology company’s stock valued at $12,069,000 after purchasing an additional 34,204 shares during the last quarter. Norden Group LLC bought a new stake in shares of Atlassian in the first quarter valued at approximately $1,197,000. First Trust Direct Indexing L.P. lifted its stake in shares of Atlassian by 1.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock valued at $721,000 after buying an additional 55 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Atlassian by 12.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,540 shares of the technology company’s stock worth $300,000 after buying an additional 176 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Atlassian by 7.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock valued at $27,723,000 after buying an additional 10,434 shares in the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

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.