Jefferies Financial Group Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price objective increased by Jefferies Financial Group from $300.00 to $325.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

TEAM has been the topic of several other research reports. Cantor Fitzgerald started coverage on Atlassian in a research report on Friday, January 17th. They issued a “neutral” rating and a $264.00 price objective on the stock. Citigroup raised their price target on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Piper Sandler upped their price objective on shares of Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Macquarie began coverage on Atlassian in a research report on Thursday, December 12th. They set a “neutral” rating and a $290.00 target price on the stock. Finally, Canaccord Genuity Group upped their price target on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $273.19.

Atlassian Stock Down 0.3 %

NASDAQ:TEAM opened at $264.81 on Friday. The firm has a market capitalization of $68.97 billion, a P/E ratio of -174.22 and a beta of 0.83. The company’s fifty day moving average price is $257.68 and its 200-day moving average price is $204.62. Atlassian has a 1-year low of $135.29 and a 1-year high of $287.97. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.13. The company 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 23.35% and a negative net margin of 8.59%. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) EPS. As a group, equities research analysts anticipate that Atlassian will post -0.55 EPS for the current year.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, October 28th. The stock was sold at an average price of $188.64, for a total value of $1,499,310.72. Following the sale, the chief executive officer now owns 349,712 shares in the company, valued at $65,969,671.68. The trade was a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total value of $825,000.00. Following the transaction, the director now owns 5,610 shares of the company’s stock, valued at approximately $1,542,750. This represents a 34.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 272,188 shares of company stock valued at $67,421,558 over the last ninety days. Company insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of large investors have recently modified their holdings of the stock. Point72 Asset Management L.P. raised its position in Atlassian by 760.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after buying an additional 617,566 shares during the last quarter. Two Sigma Advisers LP boosted its position in Atlassian by 122.0% during the third quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after acquiring an additional 551,500 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in Atlassian in the third quarter valued at $57,149,000. Parnassus Investments LLC grew its holdings in Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after purchasing an additional 245,286 shares during the period. Finally, PointState Capital LP purchased a new stake in Atlassian during the third quarter valued at about $30,566,000. Hedge funds and other institutional investors own 94.45% 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.