Oppenheimer Raises Atlassian (NASDAQ:TEAM) Price Target to $300.00

Atlassian (NASDAQ:TEAM) had its target price lifted by equities researchers at Oppenheimer from $270.00 to $300.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s target price suggests a potential upside of 21.04% from the stock’s previous close.

A number of other research firms have also issued reports on TEAM. KeyCorp lifted their price objective on shares of Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Morgan Stanley boosted their price objective on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Raymond James raised their target price on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Mizuho lifted their target price on Atlassian from $240.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Truist Financial increased their price target on Atlassian from $200.00 to $250.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Nine research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $264.25.

Atlassian Stock Performance

Shares of TEAM stock opened at $247.85 on Monday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The company has a market cap of $64.55 billion, a PE ratio of -163.06 and a beta of 0.83. The company’s fifty day simple moving average is $250.65 and its 200-day simple moving average is $197.58. Atlassian has a 52 week low of $135.29 and a 52 week high of $287.97.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate 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 company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the company posted ($0.07) earnings per share. The firm’s revenue was up 21.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Atlassian will post -0.54 EPS for the current year.

Insider Buying and Selling

In related news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $188.79, for a total value of $143,480.40. Following the sale, the president now directly owns 228,996 shares in the company, valued at $43,232,154.84. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Gene Liu sold 1,024 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the transaction, the chief accounting officer now owns 59,168 shares of the company’s stock, valued at approximately $13,339,425.60. This trade represents a 1.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 269,402 shares of company stock valued at $63,056,206. Insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in shares of Atlassian by 22.9% in the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after purchasing an additional 54 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its holdings in Atlassian by 2.1% in the third quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock worth $544,000 after purchasing an additional 70 shares during the period. Brown Brothers Harriman & Co. grew its position in Atlassian by 23.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock valued at $69,000 after buying an additional 82 shares in the last quarter. Commerce Bank increased its stake in Atlassian by 1.8% during the 3rd quarter. Commerce Bank now owns 4,966 shares of the technology company’s stock valued at $789,000 after buying an additional 90 shares during the period. Finally, Asset Dedication LLC raised its position in shares of Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares in the last quarter. 94.45% of the stock is currently 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.