Scotiabank Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price target raised by Scotiabank from $175.00 to $250.00 in a report issued on Friday, Benzinga reports. The firm currently has a sector perform rating on the technology company’s stock.

TEAM has been the subject of a number of other reports. UBS Group upped their target price on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Baird R W cut Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. The Goldman Sachs Group raised Atlassian from a “neutral” rating to a “buy” rating and upped their target price for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. Oppenheimer increased their price objective on Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, BMO Capital Markets increased their price objective on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $243.16.

Atlassian Stock Performance

TEAM opened at $218.96 on Friday. Atlassian has a one year low of $135.29 and a one year 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. The business’s 50-day simple moving average is $174.38 and its 200-day simple moving average is $171.31.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.38% and a negative net margin of 8.59%. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.07) EPS. As a group, analysts forecast that Atlassian will post -0.58 earnings per share for the current year.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value 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 $23,482,294.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value 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 $23,482,294.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Gene Liu sold 1,024 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $230,860.80. Following the completion of the transaction, the chief accounting officer now directly owns 59,168 shares of the company’s stock, valued at approximately $13,339,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 237,269 shares of company stock valued at $41,382,072 in the last ninety days. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Atlassian by 1.4% in the first quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock valued at $3,039,287,000 after purchasing an additional 221,650 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Atlassian by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after purchasing an additional 904,138 shares during the last quarter. Dragoneer Investment Group LLC purchased a new stake in Atlassian during the second quarter valued at about $469,803,000. Capital International Investors grew its position in Atlassian by 6.3% during the first quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock valued at $475,399,000 after acquiring an additional 144,117 shares during the period. Finally, Clearbridge Investments LLC grew its position in Atlassian by 6.7% during the first quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock valued at $404,059,000 after acquiring an additional 130,253 shares during the period. 93.03% of the stock is currently owned by institutional investors and hedge funds.

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.