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

Atlassian (NASDAQ:TEAM) had its price target raised by Raymond James from $200.00 to $250.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

A number of other equities analysts have also recently weighed in on TEAM. Piper Sandler increased their price target on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday. Mizuho increased their target price on Atlassian from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. JMP Securities raised Atlassian to a “hold” rating in a research note on Friday, August 2nd. Barclays decreased their target price on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Finally, Scotiabank increased their target price on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research note on Friday. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $243.16.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $218.96 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18. The business has a fifty day moving average of $174.38 and a two-hundred day moving average of $171.31. Atlassian has a 52-week low of $135.29 and a 52-week high of $258.69.

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

Insider Buying and Selling at Atlassian

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

Institutional Trading of Atlassian

Several hedge funds have recently modified their holdings of the business. Sequoia Financial Advisors LLC raised its holdings in Atlassian by 37.0% during the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock worth $306,000 after purchasing an additional 520 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Atlassian by 7.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock worth $27,723,000 after purchasing an additional 10,434 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in Atlassian by 2.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company’s stock worth $34,213,000 after purchasing an additional 3,687 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Atlassian during the third quarter worth $97,350,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Atlassian during the second quarter worth $12,846,000. 93.03% of the stock is owned by institutional investors and hedge funds.

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.