BMO Capital Markets Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target hoisted by BMO Capital Markets from $177.00 to $255.00 in a research report sent to investors on Friday morning, MarketBeat Ratings reports. The firm currently has a market perform rating on the technology company’s stock.

A number of other equities analysts also recently weighed in on TEAM. Mizuho upped their price target on shares of Atlassian from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird downgraded shares of Atlassian from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $230.00 to $175.00 in a research note on Friday, August 2nd. Raymond James raised shares of Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 price target on the stock in a research note on Tuesday, October 1st. Baird R W downgraded shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Oppenheimer reissued an “outperform” rating and set a $230.00 target price on shares of Atlassian in a research report on Monday, September 23rd. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $243.16.

Atlassian Stock Up 19.0 %

Shares of TEAM traded up $35.81 during mid-day trading on Friday, reaching $224.35. The company’s stock had a trading volume of 9,591,126 shares, compared to its average volume of 1,914,822. The business has a fifty day moving average of $173.30 and a 200 day moving average of $171.46. The company has a market cap of $58.34 billion, a price-to-earnings ratio of -147.60 and a beta of 0.71. Atlassian has a 1 year low of $135.29 and a 1 year high of $258.69. The company has a quick ratio of 1.18, a current 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, topping analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the business posted ($0.21) earnings per share. Atlassian’s revenue for the quarter was up 20.5% compared to the same quarter last year. As a group, analysts forecast that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction dated 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 owns 294,076 shares in the company, valued at approximately $41,329,441.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction dated 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 owns 294,076 shares in the company, valued at approximately $41,329,441.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $188.79, for a total transaction of $143,480.40. Following the completion of the sale, the president now owns 228,996 shares of the company’s stock, valued at approximately $43,232,154.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 230,185 shares of company stock worth $39,155,661 over the last ninety days. Company insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TEAM. Allspring Global Investments Holdings LLC lifted its stake in Atlassian by 123.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 61,856 shares of the technology company’s stock worth $12,069,000 after purchasing an additional 34,204 shares during the period. Norden Group LLC bought a new position in Atlassian during the first quarter worth about $1,197,000. First Trust Direct Indexing L.P. lifted its stake in Atlassian by 1.5% during the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock worth $721,000 after purchasing an additional 55 shares during the period. Sequoia Financial Advisors LLC lifted its stake in Atlassian by 12.9% during the first quarter. Sequoia Financial Advisors LLC now owns 1,540 shares of the technology company’s stock worth $300,000 after purchasing an additional 176 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake 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 during the period. Institutional investors own 93.03% 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.