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

Atlassian (NASDAQ:TEAM) had its target price lifted by equities researchers at Oppenheimer from $230.00 to $270.00 in a report released on Friday, Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price objective would indicate a potential upside of 16.64% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Morgan Stanley boosted their price target on Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. The Goldman Sachs Group raised Atlassian from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $200.00 to $230.00 in a report on Friday, August 2nd. Robert W. Baird downgraded shares of Atlassian from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $230.00 to $175.00 in a research note on Friday, August 2nd. Mizuho boosted their target price on shares of Atlassian from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Scotiabank lowered their price target on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a report on Friday, August 2nd. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $229.74.

Atlassian Trading Up 22.8 %

Shares of Atlassian stock opened at $231.49 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market capitalization of $60.19 billion, a PE ratio of -199.56 and a beta of 0.73. Atlassian has a 1-year low of $135.29 and a 1-year high of $258.69. The company’s fifty day simple moving average is $172.01 and its 200-day simple moving average is $171.24.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the firm posted ($0.21) EPS. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year. As a group, equities analysts anticipate that Atlassian will post -0.58 earnings per share for the current year.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on 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 of the company’s stock, valued at approximately $23,482,294.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $143.54, for a total transaction of $1,140,855.92. Following the sale, the chief executive officer now directly owns 309,972 shares in the company, valued at $44,493,380.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 230,185 shares of company stock worth $39,155,661 in the last 90 days. 38.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. First Trust Direct Indexing L.P. lifted its holdings in Atlassian by 1.5% in 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 purchasing an additional 55 shares in the last quarter. Financial Advocates Investment Management grew its stake in Atlassian by 1.7% during the 2nd quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock valued at $662,000 after acquiring an additional 62 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in Atlassian by 1.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company’s stock valued at $890,000 after acquiring an additional 65 shares during the last quarter. Legacy Wealth Asset Management LLC lifted its stake in Atlassian by 2.1% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after purchasing an additional 70 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Atlassian by 0.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 19,544 shares of the technology company’s stock worth $3,813,000 after purchasing an additional 72 shares during the last quarter. Institutional investors and hedge funds 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.