Oppenheimer Raises Atlassian (NASDAQ:TEAM) Price Target to $380.00

Atlassian (NASDAQ:TEAM) had its target price increased by analysts at Oppenheimer from $300.00 to $380.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price target suggests a potential upside of 22.84% from the stock’s current price.

Several other equities research analysts have also issued reports on TEAM. Robert W. Baird increased their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. KeyCorp boosted their price objective on Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday. Piper Sandler increased their price objective on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday. Jefferies Financial Group upped their target price on shares of Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, January 24th. Finally, Mizuho boosted their price objective on shares of Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday. Nine investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $301.05.

Atlassian Trading Up 15.9 %

NASDAQ:TEAM traded up $42.39 during trading hours on Friday, reaching $309.34. 4,829,578 shares of the company were exchanged, compared to its average volume of 2,004,641. The firm has a market cap of $80.56 billion, a price-to-earnings ratio of -203.70 and a beta of 0.83. The stock has a 50 day simple moving average of $259.32 and a 200 day simple moving average of $206.76. Atlassian has a 52-week low of $135.29 and a 52-week high of $324.37. 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 issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. As a group, analysts predict that Atlassian will post -0.55 EPS for the current year.

Insiders Place Their Bets

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $219.07, for a total transaction of $1,741,168.36. Following the completion of the transaction, the director now owns 309,972 shares in the company, valued at approximately $67,905,566.04. The trade was a 2.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Gene Liu sold 785 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $240.00, for a total value of $188,400.00. Following the transaction, the chief accounting officer now directly owns 57,938 shares in the company, valued at $13,905,120. This trade represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 257,156 shares of company stock valued at $65,313,573 over the last three months. Company insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. grew its holdings in Atlassian by 0.9% during the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after acquiring an additional 78,454 shares during the period. State Street Corp lifted its holdings in Atlassian by 0.3% in the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after acquiring an additional 8,957 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Atlassian by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock valued at $393,588,000 after purchasing an additional 131,621 shares in the last quarter. FMR LLC grew its stake in shares of Atlassian by 7.4% in the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after purchasing an additional 150,237 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Atlassian by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock worth $340,453,000 after purchasing an additional 57,911 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.