Wells Fargo & Company Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price target boosted by Wells Fargo & Company from $250.00 to $300.00 in a report released on Friday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 33.72% from the stock’s current price.

TEAM has been the topic of several other reports. Canaccord Genuity Group lifted their price target on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday. Robert W. Baird lifted their price target on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday. StockNews.com lowered shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Morgan Stanley lifted their price target on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Finally, Capital One Financial upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price target on the stock in a research note on Thursday, July 11th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $243.16.

Atlassian Stock Up 19.0 %

Shares of Atlassian stock traded up $35.81 during trading on Friday, hitting $224.35. 9,587,771 shares of the stock were exchanged, compared to its average volume of 1,824,926. The stock has a market cap of $58.34 billion, a price-to-earnings ratio of -193.41 and a beta of 0.73. The firm’s 50-day moving average price is $172.01 and its 200 day moving average price is $171.24. Atlassian has a 12-month low of $135.29 and a 12-month high of $258.69. 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 (NASDAQ:TEAM) last released its quarterly earnings data 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. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.21) EPS. As a group, analysts forecast that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $143.54, for a total value of $1,140,855.92. Following the sale, the chief executive officer now owns 309,972 shares of the company’s stock, valued at $44,493,380.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated 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 approximately $44,493,380.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 230,185 shares of company stock valued at $39,155,661 over the last quarter. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of institutional investors have recently added to or reduced their stakes in the stock. First Trust Direct Indexing L.P. boosted its holdings in Atlassian by 1.5% during the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock worth $721,000 after buying an additional 55 shares in the last quarter. Financial Advocates Investment Management boosted its holdings in Atlassian by 1.7% during the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock worth $662,000 after buying an additional 62 shares in the last quarter. Ameritas Investment Partners Inc. boosted its holdings in Atlassian by 1.4% during the first quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company’s stock worth $890,000 after buying an additional 65 shares in the last quarter. Legacy Wealth Asset Management LLC boosted its holdings in Atlassian by 2.1% during the third quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after buying an additional 70 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in Atlassian by 0.4% during the first quarter. Daiwa Securities Group Inc. now owns 19,544 shares of the technology company’s stock worth $3,813,000 after buying an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Company Profile

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.