Atlassian Co. (NASDAQ:TEAM) Receives $266.10 Consensus Price Target from Brokerages

Atlassian Co. (NASDAQ:TEAM - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twenty-three brokerages that are covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $266.10.

A number of brokerages have recently issued reports on TEAM. Scotiabank raised their price target on shares of Atlassian from $175.00 to $250.00 and gave the company a "sector perform" rating in a report on Friday, November 1st. Jefferies Financial Group raised their target price on shares of Atlassian from $280.00 to $300.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. BMO Capital Markets upgraded Atlassian from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $255.00 to $292.00 in a research note on Friday. UBS Group increased their target price on Atlassian from $180.00 to $205.00 and gave the company a "neutral" rating in a report on Tuesday, October 22nd. Finally, Piper Sandler raised their price objective on shares of Atlassian from $265.00 to $310.00 and gave the stock an "overweight" rating in a report on Monday, January 6th.

Insider Buying and Selling

In related news, President Anutthara Bharadwaj sold 4,560 shares of the company's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $1,028,052.00. Following the sale, the president now owns 224,436 shares of the company's stock, valued at $50,599,096.20. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $188.56, for a total transaction of $1,498,674.88. Following the transaction, the chief executive officer now owns 373,556 shares of the company's stock, valued at $70,437,719.36. This trade represents a 2.08 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 263,480 shares of company stock worth $62,377,979. 38.55% of the stock is owned by insiders.

Institutional Trading of Atlassian

Hedge funds have recently made changes to their positions in the business. True Wealth Design LLC boosted its stake in shares of Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company's stock worth $37,000 after purchasing an additional 231 shares during the period. GAMMA Investing LLC boosted its position in shares of Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company's stock valued at $37,000 after buying an additional 96 shares during the period. Reston Wealth Management LLC bought a new position in shares of Atlassian during the third quarter valued at approximately $48,000. Quarry LP raised its holdings in shares of Atlassian by 143.8% in the second quarter. Quarry LP now owns 373 shares of the technology company's stock worth $66,000 after buying an additional 220 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of Atlassian by 23.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company's stock worth $69,000 after acquiring an additional 82 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Stock Down 0.9 %

Shares of NASDAQ:TEAM traded down $2.10 during trading on Friday, reaching $242.39. 1,809,132 shares of the stock traded hands, compared to its average volume of 1,979,365. The stock has a market cap of $63.13 billion, a P/E ratio of -159.47 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a 50-day moving average of $254.33 and a two-hundred day moving average of $199.79. Atlassian has a 52-week low of $135.29 and a 52-week high of $287.97.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.64 by $0.13. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company's revenue was up 21.5% compared to the same quarter last year. During the same period last year, the business posted ($0.07) EPS. As a group, sell-side analysts expect that Atlassian will post -0.54 earnings per share for the current fiscal year.

About Atlassian

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.