BMO Capital Markets Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price target increased by stock analysts at BMO Capital Markets from $177.00 to $255.00 in a research note issued on Friday, MarketBeat.com reports. The brokerage presently has a “market perform” rating on the technology company’s stock. BMO Capital Markets’ target price suggests a potential upside of 35.25% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. JMP Securities upgraded Atlassian to a “hold” rating in a research note on Friday, August 2nd. Oppenheimer restated an “outperform” rating and set a $230.00 price objective on shares of Atlassian in a research report on Monday, September 23rd. Barclays lowered their target price on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Capital One Financial upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price target on the stock in a research note on Thursday, July 11th. Finally, Canaccord Genuity Group upped their price objective on shares of Atlassian from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Nine investment analysts have rated the stock with a hold rating and thirteen 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 an average price target of $221.67.

Atlassian Price Performance

Shares of TEAM opened at $188.54 on Friday. The firm has a market capitalization of $49.03 billion, a price-to-earnings ratio of -162.53 and a beta of 0.73. The firm’s fifty day simple moving average is $172.01 and its 200-day simple moving average is $171.24. Atlassian has a twelve month low of $135.29 and a twelve month 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.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. Atlassian’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period last year, the firm earned ($0.21) earnings per share. Equities analysts forecast that Atlassian will post -0.58 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the company’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 transaction, the chief technology officer now owns 128,957 shares of the company’s stock, valued at $18,838,038.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. 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. Also, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 230,185 shares of company stock valued at $39,155,661. 38.55% of the stock is owned by corporate insiders.

Institutional Trading of Atlassian

Institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management lifted its position in shares of Atlassian by 383.9% in the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares in the last quarter. Asset Dedication LLC boosted its holdings in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares during the last quarter. Trust Co. of Vermont grew its position in shares of Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after purchasing an additional 174 shares during the period. Rothschild Investment LLC purchased a new position in Atlassian during the second quarter worth about $36,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in Atlassian during the first quarter worth about $40,000. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

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.