Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Atlassian (NASDAQ:TEAM) had its price target hoisted by Wells Fargo & Company from $350.00 to $375.00 in a research report released on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the technology company’s stock.

Several other research firms have also commented on TEAM. KeyCorp increased their price target on shares of Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Robert W. Baird lifted their price target on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Scotiabank increased their price objective on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday. Raymond James upped their target price on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Morgan Stanley boosted their price target on Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research note on Friday. Nine research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average price target of $307.00.

Atlassian Stock Performance

TEAM opened at $306.78 on Friday. 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 has a 12-month low of $135.29 and a 12-month high of $324.37. The business’s fifty day simple moving average is $260.51 and its 200-day simple moving average is $208.06.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) 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, sell-side analysts expect that Atlassian will post -0.55 EPS for the current year.

Insider Buying and Selling at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $219.07, for a total transaction of $1,741,168.36. Following the completion of the sale, the director now owns 309,972 shares of the company’s stock, valued at approximately $67,905,566.04. This represents a 2.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Gene Liu sold 165 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total value of $40,563.60. Following the transaction, the chief accounting officer now owns 56,423 shares in the company, valued at approximately $13,871,030.32. This represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 257,156 shares of company stock valued at $65,313,573. Company insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares during the last quarter. True Wealth Design LLC increased its position in shares of Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares during the last quarter. Avion Wealth lifted its holdings in shares of Atlassian by 1,308.3% in the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after acquiring an additional 157 shares during the last quarter. Reston Wealth Management LLC acquired a new stake in Atlassian in the 3rd quarter valued at approximately $48,000. Finally, Kestra Investment Management LLC purchased a new stake in Atlassian in the fourth quarter valued at approximately $56,000. Institutional investors and hedge funds 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.