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

Atlassian (NASDAQ:TEAM) had its price target boosted by Scotiabank from $175.00 to $250.00 in a research note published on Friday, Benzinga reports. The firm currently has a sector perform rating on the technology company’s stock.

A number of other brokerages have also recently commented on TEAM. Canaccord Genuity Group increased their target price on shares of Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research report on Friday. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and increased their target price for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. KeyCorp upgraded shares of Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 target price for the company in a research report on Friday. Robert W. Baird increased their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Oppenheimer upped their price objective on shares of Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a report on Friday. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $243.16.

Atlassian Price Performance

NASDAQ:TEAM traded up $35.81 during trading hours on Friday, reaching $224.35. 9,591,126 shares of the company were exchanged, compared to its average volume of 1,914,822. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The stock’s 50-day moving average is $173.30 and its 200-day moving average is $171.46. The firm has a market cap of $58.34 billion, a PE ratio of -147.60 and a beta of 0.71. Atlassian has a twelve month low of $135.29 and a twelve month high of $258.69.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) earnings per share. On average, sell-side analysts anticipate that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Activity

In other news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the president now owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the president now owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $143.54, for a total transaction of $1,140,855.92. Following the completion of the transaction, the chief executive officer now directly owns 309,972 shares of the company’s stock, valued at approximately $44,493,380.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 230,185 shares of company stock valued at $39,155,661. 38.55% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

Hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management raised its holdings in Atlassian by 383.9% in the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares in the last quarter. Asset Dedication LLC raised its holdings in Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. Trust Co. of Vermont raised its holdings in Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after acquiring an additional 174 shares in the last quarter. Rothschild Investment LLC acquired a new stake in Atlassian in the second quarter valued at approximately $36,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in Atlassian in the first quarter valued at approximately $40,000. 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.