Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Raymond James Analyst Says

by · The Cerbat Gem

Atlassian (NASDAQ:TEAM – Get Free Report) had its target price raised by investment analysts at Raymond James from $200.00 to $250.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Raymond James’ price objective points to a potential upside of 12.08% from the stock’s current price.

A number of other brokerages have also weighed in on TEAM. KeyCorp upgraded shares of Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price target on the stock in a report on Friday. Piper Sandler upped their price target on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research note on Friday. Capital One Financial raised Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective on the stock in a research note on Thursday, July 11th. Baird R W cut shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Barclays lowered their price target on Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $240.53.

Check Out Our Latest Analysis on Atlassian

Atlassian Trading Up 18.3 %

Shares of TEAM stock traded up $34.51 during mid-day trading on Friday, hitting $223.05. 7,295,906 shares of the company’s stock were exchanged, compared to its average volume of 1,814,115. The stock has a market cap of $58.00 billion, a price-to-earnings ratio of -194.97 and a beta of 0.73. The stock has a 50-day simple moving average of $172.01 and a two-hundred day simple moving average of $171.24. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95.

Atlassian (NASDAQ:TEAM – Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the company posted ($0.21) EPS. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. Equities analysts expect that Atlassian will post -0.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $193.70, for a total value of $1,539,527.60. Following the completion of the sale, the chief executive officer now directly owns 429,192 shares of the company’s stock, valued at approximately $83,134,490.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the sale, the president now directly owns 143,966 shares in the company, valued at approximately $23,482,294.26. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 230,185 shares of company stock valued at $39,155,661 over the last 90 days. 38.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Asset Dedication LLC increased its stake in 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 purchasing an additional 108 shares in the last quarter. Hollencrest Capital Management lifted its position in shares of Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares in the last quarter. Trust Co. of Vermont boosted its stake in Atlassian by 2,175.0% in the 2nd 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 period. Rothschild Investment LLC purchased a new position in Atlassian during the 2nd quarter worth approximately $36,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares in the last quarter. Institutional investors own 93.03% of the company’s stock.

Atlassian Company Profile

(Get Free Report)

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.

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