Atlassian (NASDAQ:TEAM) Stock Price Target Raised at Oppenheimer

Atlassian (NASDAQ:TEAM) had its target price hoisted by investment analysts at Oppenheimer from $200.00 to $275.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price objective points to a potential upside of 21.76% from the company’s previous close.

A number of other equities research analysts also recently weighed in on TEAM. Jefferies Financial Group reissued a “buy” rating and set a $200.00 price target on shares of Atlassian in a research note on Friday, August 7th. Robert W. Baird increased their price objective on shares of Atlassian from $200.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, September 28th. Cantor Fitzgerald raised their price objective on shares of Atlassian from $175.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, September 21st. Truist Financial lifted their target price on shares of Atlassian from $185.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Morgan Stanley upped their target price on shares of Atlassian from $120.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $213.35.

Atlassian Trading Up 0.1%

TEAM stock traded up $0.34 during midday trading on Thursday, reaching $225.85. The stock had a trading volume of 868,365 shares, compared to its average volume of 5,593,686. The business has a fifty day simple moving average of $188.80 and a two-hundred day simple moving average of $123.70. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. The firm has a market cap of $57.31 billion, a price-to-earnings ratio of -1,185.62, a PEG ratio of 23.58 and a beta of 1.22. Atlassian has a twelve month low of $56.01 and a twelve month high of $229.96.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the previous year, the business posted $0.98 EPS. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. As a group, research analysts expect that Atlassian will post 0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CRO Brian Duffy sold 1,851 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the completion of the sale, the executive owned 218,223 shares in the company, valued at $37,632,556.35. This represents a 0.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the sale, the chief financial officer directly owned 279,218 shares in the company, valued at $48,151,144.10. The trade was a 3.14% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 22,475 shares of company stock worth $3,822,643. Company insiders own 37.63% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fortitude Family Office LLC raised its position in shares of Atlassian by 23.0% during the third quarter. Fortitude Family Office LLC now owns 289 shares of the technology company’s stock worth $52,000 after purchasing an additional 54 shares during the period. Activest Wealth Management grew its position in shares of Atlassian by 372.4% in the 3rd quarter. Activest Wealth Management now owns 137 shares of the technology company’s stock valued at $25,000 after purchasing an additional 108 shares during the period. Frank Rimerman Advisors LLC raised its holdings in Atlassian by 3.7% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 3,228 shares of the technology company’s stock worth $579,000 after buying an additional 115 shares during the period. Strengthening Families & Communities LLC lifted its stake in Atlassian by 2.2% in the third quarter. Strengthening Families & Communities LLC now owns 5,759 shares of the technology company’s stock valued at $1,033,000 after buying an additional 124 shares in the last quarter. Finally, State of Wyoming lifted its stake in Atlassian by 65.7% in the first quarter. State of Wyoming now owns 449 shares of the technology company’s stock valued at $31,000 after buying an additional 178 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.