Jefferies Financial Group Boosts Atlassian (NASDAQ:TEAM) Price Target to $300.00

Atlassian (NASDAQ:TEAM) had its target price lifted by Jefferies Financial Group from $280.00 to $300.00 in a research note published on Thursday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the technology company’s stock.

Several other analysts have also recently commented on TEAM. Morgan Stanley upped their target price on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Raymond James upped their price objective on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Truist Financial raised their target price on Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Wells Fargo & Company upped their price target on Atlassian from $250.00 to $300.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Finally, BMO Capital Markets lifted their price objective on shares of Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $244.21.

Atlassian Stock Performance

Shares of TEAM opened at $240.04 on Thursday. The stock’s fifty day simple moving average is $187.95 and its 200-day simple moving average is $174.58. 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 $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 for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.07) EPS. Research analysts predict that Atlassian will post -0.56 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other news, CAO Gene Liu sold 785 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $240.00, for a total transaction of $188,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,938 shares in the company, valued at $13,905,120. This represents a 1.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $156.92, for a total value of $1,247,200.16. Following the completion of the sale, the chief executive officer now directly owns 214,596 shares in the company, valued at approximately $33,674,404.32. This represents a 3.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 246,248 shares of company stock valued at $45,553,294. 38.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC raised its stake in shares of Atlassian by 37.0% during the 3rd 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 in the last quarter. Impax Asset Management Group plc raised its position in Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after acquiring an additional 31,986 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Atlassian during the third quarter worth $97,350,000. Aigen Investment Management LP acquired a new stake in Atlassian in the third quarter valued at $2,232,000. Finally, National Pension Service increased its stake in shares of Atlassian by 8.4% during the 3rd quarter. National Pension Service now owns 296,066 shares of the technology company’s stock worth $47,018,000 after purchasing an additional 22,883 shares during the last quarter. 93.03% of the stock is currently owned by 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.