Atlassian (NASDAQ:TEAM) Given New $252.00 Price Target at Cantor Fitzgerald

Atlassian (NASDAQ:TEAM) had its target price upped by Cantor Fitzgerald from $220.00 to $252.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Cantor Fitzgerald‘s price objective would indicate a potential upside of 31.44% from the stock’s previous close.

TEAM has been the topic of several other research reports. Wall Street Zen raised shares of Atlassian from a “hold” rating to a “buy” rating in a report on Sunday, September 13th. Bank of America increased their price objective on Atlassian from $175.00 to $210.00 and gave the company a “buy” rating in a research note on Monday, August 31st. UBS Group set a $280.00 target price on shares of Atlassian in a report on Monday, October 19th. Raymond James Financial set a $180.00 price target on shares of Atlassian in a report on Friday, August 7th. Finally, Morgan Stanley boosted their price objective on shares of Atlassian from $120.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Twenty-three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $216.36.

Atlassian Stock Performance

Shares of TEAM opened at $191.72 on Monday. The company has a 50-day simple moving average of $195.23 and a 200-day simple moving average of $118.22. 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 capitalization of $48.53 billion, a PE ratio of -1,009.05, a P/E/G ratio of 20.44 and a beta of 1.22. Atlassian has a 52-week low of $56.01 and a 52-week high of $229.96.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. Atlassian’s revenue was up 27.6% compared to the same quarter last year. Equities research analysts predict that Atlassian will post 0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the transaction, the chief financial officer directly owned 279,218 shares of the company’s stock, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 7,617 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the transaction, the executive owned 220,074 shares of the company’s stock, valued at $35,872,062. This trade represents a 3.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 22,475 shares of company stock valued at $3,822,643 over the last ninety days. Corporate insiders own 37.63% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Institutional investors have recently made changes to their positions in the business. Activest Wealth Management increased its holdings in Atlassian by 372.4% in the third quarter. Activest Wealth Management now owns 137 shares of the technology company’s stock valued at $25,000 after buying an additional 108 shares during the last quarter. Reyes Financial Architecture Inc. acquired a new position in Atlassian during the 3rd quarter valued at about $49,000. Fortitude Family Office LLC grew its holdings in Atlassian by 23.0% in the 3rd quarter. Fortitude Family Office LLC now owns 289 shares of the technology company’s stock worth $52,000 after buying an additional 54 shares in the last quarter. Physician Wealth Advisors Inc. increased its holdings in shares of Atlassian by 142.4% during the third quarter. Physician Wealth Advisors Inc. now owns 337 shares of the technology company’s stock valued at $60,000 after purchasing an additional 198 shares during the period. Finally, Manning & Napier Advisors LLC bought a new stake in shares of Atlassian during the 2nd quarter worth about $27,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Company Profile

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.