Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Bank of America Analyst Says

Atlassian (NASDAQ:TEAM) had its target price increased by analysts at Bank of America from $175.00 to $210.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Bank of America‘s price target would indicate a potential upside of 8.23% from the stock’s current price.

A number of other analysts have also recently weighed in on TEAM. Jefferies Financial Group restated a “buy” rating and issued a $200.00 price target on shares of Atlassian in a research note on Friday, August 7th. Royal Bank Of Canada initiated coverage on Atlassian in a report on Tuesday, August 25th. They issued an “outperform” rating and a $215.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $126.00 target price on shares of Atlassian in a research note on Monday, August 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a research note on Friday, July 17th. Finally, TD Cowen increased their price target on shares of Atlassian from $105.00 to $145.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Twenty-five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $179.93.

Atlassian Stock Up 1.9%

Shares of NASDAQ:TEAM traded up $3.63 during trading hours on Monday, reaching $194.04. The stock had a trading volume of 2,236,147 shares, compared to its average volume of 6,192,102. Atlassian has a 1 year low of $56.01 and a 1 year high of $197.30. The firm’s 50 day moving average is $114.90 and its 200-day moving average is $92.05. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $49.24 billion, a price-to-earnings ratio of -1,021.26, a P/E/G ratio of 14.96 and a beta of 1.05.

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, beating analysts’ consensus estimates of $1.50 by $0.37. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The company’s revenue was up 27.6% on a year-over-year basis. During the same period last year, the business earned $0.98 EPS. Research analysts predict that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insider Activity

In other Atlassian news, CRO Brian Duffy sold 1,851 shares of Atlassian stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $319,204.95. Following the transaction, the executive owned 218,223 shares of the company’s stock, valued at $37,632,556.35. The trade was a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $175.00, for a total value of $196,875.00. Following the completion of the sale, the chief accounting officer owned 56,807 shares of the company’s stock, valued at approximately $9,941,225. This represents a 1.94% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 30,349 shares of company stock valued at $4,418,849. Insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently modified their holdings of TEAM. Nicholas Company Inc. lifted its position in shares of Atlassian by 8.7% during the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock valued at $49,748,000 after acquiring an additional 24,490 shares during the period. Tensor Edge Capital LLC acquired a new stake in shares of Atlassian in the 4th quarter worth approximately $5,028,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Atlassian by 69.4% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company’s stock valued at $4,232,000 after purchasing an additional 25,400 shares in the last quarter. AMF Tjanstepension AB purchased a new position in Atlassian in the 4th quarter valued at approximately $4,669,000. Finally, Fluent Financial LLC acquired a new position in Atlassian during the second quarter worth $2,239,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Company Profile

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.