Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Atlassian (NASDAQ:TEAM) had its target price lifted by analysts at The Goldman Sachs Group from $245.00 to $370.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price target points to a potential upside of 18.30% from the stock’s previous close.

TEAM has been the topic of a number of other reports. KeyCorp increased their target price on shares of Atlassian from $315.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday. Macquarie began coverage on Atlassian in a report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price target on the stock. Scotiabank raised their price objective on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research note on Friday. Robert W. Baird raised their target price 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. Finally, Barclays boosted their target price on shares of Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a report on Monday. Nine research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $318.43.

Atlassian Trading Up 1.9 %

Atlassian stock traded up $5.98 during trading on Monday, reaching $312.76. 1,966,636 shares of the company were exchanged, compared to its average volume of 2,175,302. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The stock’s 50 day simple moving average is $260.51 and its two-hundred day simple moving average is $208.44. The company has a market capitalization of $81.45 billion, a P/E ratio of -232.96 and a beta of 0.87. Atlassian has a 52-week low of $135.29 and a 52-week high of $324.37.

Atlassian (NASDAQ:TEAM) last announced 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 7.22% and a negative return on equity of 18.00%. On average, equities research analysts expect that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 1,659 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total transaction of $407,798.79. Following the completion of the sale, the president now directly owns 213,511 shares in the company, valued at $52,483,138.91. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $270.63, for a total value of $2,150,967.24. Following the transaction, the director now owns 333,816 shares in the company, valued at approximately $90,340,624.08. This represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 249,208 shares of company stock valued at $63,572,404. 38.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased 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 valued at $1,352,115,000 after buying an additional 78,454 shares during the last quarter. State Street Corp grew its position 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. raised its position in 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 raised its holdings 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 valued at $346,679,000 after purchasing an additional 150,237 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position 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 during the period. Institutional investors own 94.45% of the company’s stock.

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.