Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Atlassian (NASDAQ:TEAMGet Free Report) had its price target increased by equities research analysts at Jefferies Financial Group from $300.00 to $325.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 22.32% from the company’s previous close.

A number of other equities analysts have also commented on TEAM. Wells Fargo & Company lifted their price objective on Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $255.00 to $292.00 in a research report on Friday, January 10th. Raymond James boosted their target price on shares of Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Robert W. Baird increased their price target on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Finally, Truist Financial raised Atlassian from a “hold” rating to a “buy” rating and boosted their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $273.19.

Check Out Our Latest Analysis on Atlassian

Atlassian Stock Up 1.9 %

NASDAQ:TEAM opened at $265.70 on Friday. Atlassian has a one year low of $135.29 and a one year high of $287.97. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $69.20 billion, a PE ratio of -174.80 and a beta of 0.83. The firm’s 50 day simple moving average is $256.87 and its 200 day simple moving average is $203.61.

Atlassian (NASDAQ:TEAMGet Free Report) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. Atlassian’s revenue was up 21.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.07) earnings per share. On average, research analysts anticipate that Atlassian will post -0.55 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $192.56, for a total transaction of $1,530,466.88. Following the transaction, the chief executive officer now directly owns 333,816 shares in the company, valued at approximately $64,279,608.96. This trade represents a 2.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Gene Liu sold 1,024 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $230,860.80. Following the transaction, the chief accounting officer now owns 59,168 shares in the company, valued at approximately $13,339,425.60. This trade represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 264,240 shares of company stock worth $65,312,715. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of hedge funds have recently made changes to their positions in TEAM. Point72 Asset Management L.P. raised its stake in shares of 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 purchasing an additional 617,566 shares during the period. Two Sigma Advisers LP grew its holdings 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 valued at $159,382,000 after buying an additional 551,500 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in Atlassian during the 3rd quarter valued at about $57,149,000. Parnassus Investments LLC grew its holdings in Atlassian by 322.9% during the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after buying an additional 245,286 shares in the last quarter. Finally, PointState Capital LP purchased a new position in Atlassian during the 3rd quarter valued at about $30,566,000. 94.45% of the stock is currently owned by institutional investors.

About Atlassian

(Get Free Report)

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.

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Analyst Recommendations for Atlassian (NASDAQ:TEAM)

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