Atlassian Corporation PLC (NASDAQ:TEAM) Stock Has Average Price Target of $213.35

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) have been given a consensus recommendation of “Moderate Buy” by the twenty-nine brokerages that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and twenty-four have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $213.35.

Several research firms recently issued reports on TEAM. Morgan Stanley increased their price target on shares of Atlassian from $120.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. TD Cowen raised their price target on shares of Atlassian from $105.00 to $145.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. FBN Securities reaffirmed an “outperform” rating and set a $170.00 price objective on shares of Atlassian in a report on Monday, August 10th. Jefferies Financial Group reiterated a “buy” rating and issued a $200.00 price objective on shares of Atlassian in a research note on Friday, August 7th. Finally, Guggenheim increased their target price on Atlassian from $165.00 to $280.00 and gave the stock a “buy” rating in a report on Monday, October 19th.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $223.41 on Friday. 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 business’s 50 day moving average is $191.93 and its two-hundred day moving average is $117.06. The company has a market cap of $56.69 billion, a P/E ratio of -1,175.84, a P/E/G ratio of 24.27 and a beta of 1.22. Atlassian has a 12 month low of $56.01 and a 12 month high of $229.96.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.37. The company 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 business’s quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the business posted $0.98 EPS. On average, equities analysts expect that Atlassian will post 0.69 EPS for the current year.

Insider Activity at Atlassian

In related news, CFO James Chuong sold 9,054 shares of the business’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 owned 279,218 shares of the company’s stock, valued at $48,151,144.10. The trade was a 3.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 trade represents a 0.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 22,475 shares of company stock valued at $3,822,643 in the last 90 days. 37.63% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors and hedge funds have recently made changes to their positions in the company. Activest Wealth Management increased its position in shares of Atlassian by 372.4% during the 3rd quarter. Activest Wealth Management now owns 137 shares of the technology company’s stock worth $25,000 after purchasing an additional 108 shares in the last quarter. Reyes Financial Architecture Inc. bought a new position in Atlassian during the 3rd quarter valued at about $49,000. Fortitude Family Office LLC lifted its holdings in Atlassian by 23.0% during the 3rd quarter. Fortitude Family Office LLC now owns 289 shares of the technology company’s stock valued at $52,000 after purchasing an additional 54 shares during the last quarter. Physician Wealth Advisors Inc. lifted its holdings in Atlassian by 142.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 337 shares of the technology company’s stock valued at $60,000 after purchasing an additional 198 shares during the last quarter. Finally, Manning & Napier Advisors LLC bought a new position in Atlassian during the 2nd quarter valued at about $27,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Company Profile

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.