Atlassian (NASDAQ:TEAM) Price Target Raised to $240.00

Atlassian (NASDAQ:TEAM) had its target price upped by Mizuho from $200.00 to $240.00 in a report issued on Friday, Benzinga reports. Mizuho currently has an outperform rating on the technology company’s stock.

A number of other analysts have also recently weighed in on TEAM. Raymond James raised their price objective on shares of Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday. StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Robert W. Baird lifted their target price on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday. Piper Sandler upped their target price on Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Oppenheimer lifted their price target on Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $218.96 on Friday. Atlassian has a 52 week low of $135.29 and a 52 week high of $258.69. 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 firm has a 50-day simple moving average of $174.38 and a 200-day simple moving average of $171.31.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.38% and a negative net margin of 8.59%. The company’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period last year, the company earned ($0.07) EPS. Equities research analysts predict that Atlassian will post -0.58 EPS for the current year.

Insider Activity

In related news, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the sale, the chief executive officer now owns 294,076 shares of the company’s stock, valued at approximately $41,329,441.04. 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. In other Atlassian news, CTO Rajeev Bashyam Rajan sold 199 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the completion of the transaction, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the transaction, the chief executive officer now directly owns 294,076 shares of the company’s stock, valued at $41,329,441.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 237,269 shares of company stock worth $41,382,072 in the last 90 days. 38.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently modified their holdings of TEAM. Venturi Wealth Management LLC grew its stake in Atlassian by 18.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,411 shares of the technology company’s stock worth $224,000 after acquiring an additional 221 shares during the period. State of New Jersey Common Pension Fund D increased its stake in Atlassian by 1.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 58,885 shares of the technology company’s stock valued at $9,352,000 after purchasing an additional 1,121 shares during the last quarter. Lindbrook Capital LLC lifted its position in Atlassian by 8.0% during the third quarter. Lindbrook Capital LLC now owns 1,802 shares of the technology company’s stock worth $286,000 after buying an additional 133 shares during the period. Verdence Capital Advisors LLC boosted its stake in Atlassian by 88.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,503 shares of the technology company’s stock worth $556,000 after buying an additional 1,648 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Atlassian in the 3rd quarter valued at about $103,000. 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.