Atlassian (NASDAQ:TEAM) Price Target Raised to $370.00 at Morgan Stanley

Atlassian (NASDAQ:TEAM) had its target price hoisted by Morgan Stanley from $315.00 to $370.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

A number of other research analysts also recently issued reports on TEAM. Robert W. Baird upped 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, November 1st. Wells Fargo & Company upped their price target on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Mizuho boosted their price target on Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a report on Friday. Oppenheimer increased their target price on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. Finally, KeyCorp raised their price target on Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Nine analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $307.00.

Atlassian Stock Performance

Atlassian stock opened at $306.78 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The business has a 50 day simple moving average of $260.51 and a 200 day simple moving average of $208.06. Atlassian has a one year low of $135.29 and a one year high of $324.37.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Research analysts anticipate that Atlassian will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CAO Gene Liu sold 785 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $240.00, for a total transaction of $188,400.00. Following the transaction, the chief accounting officer now directly owns 57,938 shares of the company’s stock, valued at $13,905,120. This trade represents a 1.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $219.07, for a total transaction of $1,741,168.36. Following the completion of the transaction, the director now directly owns 309,972 shares in the company, valued at approximately $67,905,566.04. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 257,156 shares of company stock worth $65,313,573. 38.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TEAM. Thrivent Financial for Lutherans purchased a new position in Atlassian during the second quarter worth about $677,000. Susquehanna Fundamental Investments LLC purchased a new position in Atlassian in the second quarter worth approximately $407,000. Quarry LP increased its stake in Atlassian by 143.8% during the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after acquiring an additional 220 shares during the last quarter. Truist Financial Corp raised its position in Atlassian by 2.5% in the second quarter. Truist Financial Corp now owns 84,358 shares of the technology company’s stock valued at $14,921,000 after purchasing an additional 2,050 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in shares of Atlassian during the 2nd quarter worth $1,022,000. Hedge funds and other institutional investors 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.