Brokerages Set Atlassian Co. (NASDAQ:TEAM) Target Price at $316.77

Shares of Atlassian Co. (NASDAQ:TEAM) have been given a consensus recommendation of “Moderate Buy” by the twenty-five analysts that are covering the stock, Marketbeat.com reports. Nine research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $316.77.

Several brokerages have weighed in on TEAM. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Wells Fargo & Company boosted their price target on shares of Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Morgan Stanley raised their price objective on shares of Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Truist Financial reiterated a “buy” rating and set a $350.00 target price (up previously from $300.00) on shares of Atlassian in a research report on Friday, January 31st. Finally, Jefferies Financial Group raised their price target on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, January 24th.

Insider Transactions at Atlassian

In related news, CAO Gene Liu sold 568 shares of Atlassian stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $312.08, for a total value of $177,261.44. Following the sale, the chief accounting officer now owns 52,142 shares of the company’s stock, valued at approximately $16,272,475.36. This trade represents a 1.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares in the company, valued at $54,690,889.35. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 255,085 shares of company stock valued at $68,681,246 over the last quarter. Corporate insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Corebridge Financial Inc. boosted its stake in shares of Atlassian by 0.3% during the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after buying an additional 35 shares during the last quarter. GeoWealth Management LLC raised its holdings in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock worth $44,000 after acquiring an additional 38 shares in the last quarter. Assetmark Inc. boosted its position in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock valued at $43,000 after purchasing an additional 41 shares during the last quarter. Allworth Financial LP grew its stake in Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares in the last quarter. Finally, True Wealth Design LLC increased its position in shares of Atlassian by 21.6% during the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock worth $69,000 after purchasing an additional 50 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Atlassian Price Performance

TEAM opened at $217.99 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The company’s 50 day simple moving average is $269.28 and its 200-day simple moving average is $239.11. Atlassian has a one year low of $135.29 and a one year high of $326.00. The stock has a market capitalization of $57.11 billion, a P/E ratio of -162.68 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Sell-side analysts anticipate that Atlassian will post -0.34 earnings per share 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.