Brokerages Set Atlassian Corporation PLC (NASDAQ:TEAM) Price Target at $189.32

by · The Markets Daily

Shares of Atlassian Corporation PLC (NASDAQ:TEAM – Get Free Report) have received an average recommendation of “Moderate Buy” from the twenty-seven analysts that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $189.32.

Several brokerages have weighed in on TEAM. TD Cowen dropped their price objective on shares of Atlassian from $205.00 to $175.00 and set a “hold” rating for the company in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research note on Wednesday, January 21st. Oppenheimer lowered their price objective on Atlassian from $275.00 to $150.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. Piper Sandler reiterated an “overweight” rating and set a $200.00 target price (down from $280.00) on shares of Atlassian in a research report on Friday, February 6th. Finally, Barclays reduced their target price on Atlassian from $215.00 to $165.00 and set an “overweight” rating on the stock in a report on Friday, February 6th.

View Our Latest Report on Atlassian

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $161.79, for a total value of $1,240,120.35. Following the transaction, the director directly owned 99,645 shares of the company’s stock, valued at $16,121,564.55. This trade represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $160.70, for a total value of $1,231,765.50. Following the sale, the chief executive officer owned 114,975 shares of the company’s stock, valued at $18,476,482.50. The trade was a 6.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 451,111 shares of company stock valued at $65,028,521 over the last 90 days. Corporate insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently modified their holdings of the business. Kovitz Investment Group Partners LLC grew its position in Atlassian by 4.6% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 7,300 shares of the technology company’s stock valued at $1,184,000 after acquiring an additional 318 shares during the last quarter. Wick Capital Partners LLC acquired a new stake in shares of Atlassian in the 4th quarter valued at approximately $1,526,000. Invesco Ltd. grew its holdings in shares of Atlassian by 17.0% during the 4th quarter. Invesco Ltd. now owns 1,181,957 shares of the technology company’s stock valued at $191,643,000 after purchasing an additional 171,835 shares during the last quarter. Corient Private Wealth LLC increased its position in Atlassian by 4.2% during the 4th quarter. Corient Private Wealth LLC now owns 8,602 shares of the technology company’s stock worth $1,395,000 after purchasing an additional 344 shares in the last quarter. Finally, Alberta Investment Management Corp acquired a new position in Atlassian during the 4th quarter worth approximately $59,246,000. 94.45% of the stock is currently owned by institutional investors.

Atlassian Price Performance

Atlassian stock opened at $75.98 on Monday. The company has a market capitalization of $20.04 billion, a price-to-earnings ratio of -105.53, a PEG ratio of 63.42 and a beta of 0.88. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62. Atlassian has a 12 month low of $75.01 and a 12 month high of $298.63. The stock’s 50 day moving average is $129.72 and its 200-day moving average is $150.23.

Atlassian (NASDAQ:TEAM – Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.10. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the company posted $0.96 EPS. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. Equities research analysts expect that Atlassian will post -0.34 EPS for the current year.

About Atlassian

(Get Free Report)

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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