Brokerages Set Atlassian Co. (NASDAQ:TEAM) PT at $244.21

Atlassian Co. (NASDAQ:TEAM) has been given a consensus recommendation of “Moderate Buy” by the twenty-two brokerages that are currently covering the company, Marketbeat Ratings reports. Eight analysts have rated the stock with a hold rating and fourteen have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $244.21.

Several analysts have weighed in on the company. Barclays dropped their price target on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Robert W. Baird upped their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Scotiabank lifted their price objective on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research note on Friday, November 1st. KeyCorp upgraded Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 target price on the stock in a research note on Friday, November 1st. Finally, Truist Financial lifted their price target on Atlassian from $160.00 to $200.00 and gave the company a “hold” rating in a research report on Friday, November 1st.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $160.97, for a total value of $1,279,389.56. Following the transaction, the chief executive officer now owns 135,116 shares in the company, valued at approximately $21,749,622.52. This trade represents a 5.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the sale, the president now directly owns 143,966 shares of the company’s stock, valued at $23,482,294.26. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 257,694 shares of company stock worth $50,560,726. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently added to or reduced their stakes in TEAM. Asset Dedication LLC increased its stake in shares of Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after acquiring an additional 108 shares during the last quarter. Trust Co. of Vermont increased its position in Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after purchasing an additional 174 shares during the last quarter. Rothschild Investment LLC acquired a new stake in Atlassian during the second quarter worth about $36,000. True Wealth Design LLC raised its stake in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Stock Up 0.4 %

Atlassian stock opened at $263.58 on Friday. Atlassian has a 1-year low of $135.29 and a 1-year high of $269.40. The business has a fifty day moving average price of $206.56 and a 200-day moving average price of $179.85. 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 has a market capitalization of $68.64 billion, a price-to-earnings ratio of -173.41 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. The company’s revenue was up 21.5% on a year-over-year basis. Equities research analysts forecast that Atlassian will post -0.54 EPS for the current fiscal year.

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.