Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Atlassian (NASDAQ:TEAM) had its price objective upped by equities research analysts at Robert W. Baird from $175.00 to $200.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Robert W. Baird’s price objective would suggest a potential downside of 10.85% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on TEAM. UBS Group boosted their target price on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Raymond James raised Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 price objective on the stock in a report on Tuesday, October 1st. Morgan Stanley raised their target price on Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Canaccord Genuity Group upped their price target on Atlassian from $200.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Scotiabank cut their price objective on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a research report on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $243.16.

Atlassian Trading Up 19.0 %

Shares of TEAM opened at $224.35 on Friday. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $258.69. The business has a 50-day moving average of $173.30 and a 200 day moving average of $171.30. The firm has a market cap of $58.34 billion, a P/E ratio of -147.60 and a beta of 0.71. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. As a group, research analysts forecast that Atlassian will post -0.58 EPS for the current year.

Insider Transactions at Atlassian

In related 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 sale, the president now owns 143,966 shares in the company, valued at $23,482,294.26. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related 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 owns 143,966 shares in the company, valued at $23,482,294.26. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the company’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 disclosure for this sale can be found here. In the last three months, insiders sold 230,185 shares of company stock worth $39,155,661. 38.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Institutional investors and hedge funds have recently bought and sold shares of the stock. Lindbrook Capital LLC boosted its stake in shares of Atlassian by 8.0% during the third quarter. Lindbrook Capital LLC now owns 1,802 shares of the technology company’s stock valued at $286,000 after purchasing an additional 133 shares during the period. Verdence Capital Advisors LLC raised its holdings in Atlassian by 88.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,503 shares of the technology company’s stock valued at $556,000 after buying an additional 1,648 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in Atlassian during the 3rd quarter valued at $103,000. AIA Group Ltd purchased a new stake in Atlassian during the 3rd quarter valued at $1,598,000. Finally, Principal Financial Group Inc. grew its holdings in Atlassian by 61.4% in the 3rd quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock worth $1,710,000 after acquiring an additional 4,099 shares during the last quarter. 93.03% of the stock is currently owned by institutional investors.

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.