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

Atlassian (NASDAQ:TEAM) had its target price raised by Scotiabank from $250.00 to $330.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the technology company’s stock. Scotiabank’s target price suggests a potential upside of 7.57% from the stock’s current price.

TEAM has been the subject of several other research reports. Cantor Fitzgerald increased their target price on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research note on Friday. Citigroup raised their price objective on shares of Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Mizuho upped their target price on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday. Oppenheimer raised their price target on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Finally, Jefferies Financial Group upped their price objective on shares of Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $307.00.

Atlassian Trading Up 14.9 %

NASDAQ:TEAM opened at $306.78 on Friday. The company’s 50 day moving average is $260.51 and its 200-day moving average is $208.24. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a 12 month low of $135.29 and a 12 month high of $324.37. The firm has a market cap of $79.89 billion, a price-to-earnings ratio of -201.83 and a beta of 0.83.

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

Insider Activity

In other Atlassian news, CFO Joseph Leo Binz sold 1,674 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total value of $411,485.94. Following the completion of the sale, the chief financial officer now owns 171,929 shares in the company, valued at approximately $42,261,867.49. This trade represents a 0.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $278.79, for a total transaction of $2,215,822.92. Following the transaction, the chief executive officer now owns 135,116 shares in the company, valued at $37,668,989.64. The trade was a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 257,156 shares of company stock worth $65,313,573. Insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TEAM. Baillie Gifford & Co. boosted its position in Atlassian by 0.9% in the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after buying an additional 78,454 shares during the last quarter. State Street Corp boosted its holdings in Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after acquiring an additional 8,957 shares during the last quarter. JPMorgan Chase & Co. increased its position in Atlassian by 5.6% in the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after purchasing an additional 131,621 shares during the period. FMR LLC raised its holdings in Atlassian by 7.4% during the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after purchasing an additional 150,237 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Atlassian by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock valued at $340,453,000 after purchasing an additional 57,911 shares during the period. Institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

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.