Royal Bank Of Canada Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price objective increased by Royal Bank Of Canada from $215.00 to $235.00 in a research report released on Monday, Marketbeat Ratings reports. They currently have an outperform rating on the technology company’s stock.

TEAM has been the subject of several other reports. Citigroup raised their price objective on shares of Atlassian from $170.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a report on Friday, July 17th. Oppenheimer increased their target price on Atlassian from $110.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Wells Fargo & Company raised their price target on Atlassian from $140.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Finally, Robert W. Baird raised their price target on Atlassian from $200.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, September 28th. Twenty-five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $192.30.

Atlassian Price Performance

NASDAQ TEAM opened at $207.75 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. The company has a market cap of $52.72 billion, a PE ratio of -1,093.42, a price-to-earnings-growth ratio of 16.25 and a beta of 1.22. Atlassian has a 52 week low of $56.01 and a 52 week high of $212.84. The firm’s 50-day simple moving average is $177.70 and its two-hundred day simple moving average is $116.47.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the company earned $0.98 earnings per share. The company’s revenue was up 27.6% on a year-over-year basis. Research analysts predict that Atlassian will post 0.94 earnings per share for the current year.

Insider Transactions at Atlassian

In other news, CAO Gene Liu sold 939 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $190.00, for a total value of $178,410.00. Following the completion of the transaction, the chief accounting officer directly owned 55,868 shares in the company, valued at approximately $10,614,920. This trade represents a 1.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Brian Duffy sold 1,851 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $319,204.95. Following the completion of the transaction, the executive owned 218,223 shares of the company’s stock, valued at $37,632,556.35. This trade represents a 0.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 22,138 shares of company stock valued at $3,751,873. 36.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently bought and sold shares of the company. Riversedge Advisors LLC raised its holdings in shares of Atlassian by 21.5% in the 3rd quarter. Riversedge Advisors LLC now owns 3,930 shares of the technology company’s stock valued at $705,000 after acquiring an additional 695 shares in the last quarter. Wedmont Private Capital boosted its position in shares of Atlassian by 16.8% during the 3rd quarter. Wedmont Private Capital now owns 2,677 shares of the technology company’s stock valued at $480,000 after acquiring an additional 386 shares during the last quarter. LifeGoal Investments LLC bought a new stake in shares of Atlassian during the 3rd quarter valued at about $460,000. GAMMA Investing LLC grew its holdings in shares of Atlassian by 19.0% during the third quarter. GAMMA Investing LLC now owns 1,448 shares of the technology company’s stock worth $260,000 after purchasing an additional 231 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Atlassian by 1.9% during the third quarter. Farther Finance Advisors LLC now owns 13,800 shares of the technology company’s stock worth $2,474,000 after purchasing an additional 251 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Company Profile

Atlassian Corporation develops collaboration, productivity and workflow-management software for technology, business and enterprise teams. Its products are designed to help organizations plan projects, manage software development, document and share knowledge, provide IT and customer support, and coordinate work across distributed teams.

Its product portfolio includes Jira for project and issue management, Confluence for team collaboration and knowledge sharing, Jira Service Management for IT service and support operations, and Trello for organizing tasks and projects.