Citigroup Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its target price lifted by Citigroup from $255.00 to $300.00 in a research note published on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

A number of other analysts also recently weighed in on the stock. Raymond James boosted their target price on shares of Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Jefferies Financial Group upped their price objective on Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Scotiabank increased their price target on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Finally, Robert W. Baird lifted their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $272.00.

Atlassian Price Performance

Shares of Atlassian stock opened at $252.36 on Friday. The stock has a 50 day moving average of $256.36 and a 200 day moving average of $201.95. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian has a 12 month low of $135.29 and a 12 month high of $287.97.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company earned ($0.07) EPS. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. As a group, equities analysts expect that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Gene Liu sold 1,024 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the transaction, the chief accounting officer now owns 59,168 shares in the company, valued at $13,339,425.60. The trade was a 1.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $278.79, for a total value of $2,215,822.92. Following the sale, the chief executive officer now owns 135,116 shares of the company’s stock, valued at approximately $37,668,989.64. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 280,136 shares of company stock valued at $67,814,587 over the last 90 days. Corporate insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC purchased a new stake in shares of Atlassian during the third quarter valued at $606,000. Sequoia Financial Advisors LLC grew its stake in Atlassian by 37.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after purchasing an additional 520 shares during the last quarter. Fulton Bank N.A. acquired a new position in shares of Atlassian in the fourth quarter valued at about $447,000. Paloma Partners Management Co purchased a new position in shares of Atlassian in the third quarter worth about $1,588,000. Finally, Impax Asset Management Group plc lifted its holdings in shares of Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after purchasing an additional 31,986 shares during the period. Institutional investors and hedge funds own 94.45% 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.