Citigroup Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM - Get Free Report) had its target price upped by Citigroup from $255.00 to $300.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Citigroup's price target would suggest a potential upside of 18.88% from the stock's current price.

Several other research firms also recently weighed in on TEAM. Piper Sandler increased their price objective on Atlassian from $265.00 to $310.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Jefferies Financial Group increased their price objective on Atlassian from $280.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Truist Financial raised Atlassian from a "hold" rating to a "buy" rating and increased their price objective for the company from $250.00 to $300.00 in a report on Tuesday, January 7th. BMO Capital Markets raised Atlassian from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $255.00 to $292.00 in a report on Friday, January 10th. Finally, Raymond James upped their price target on Atlassian from $200.00 to $250.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $272.00.

Atlassian Stock Down 0.7 %

TEAM traded down $1.89 on Friday, reaching $252.36. The company's stock had a trading volume of 1,192,393 shares, compared to its average volume of 1,559,382. The stock has a 50 day moving average of $256.36 and a two-hundred day moving average of $202.09. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $65.72 billion, a price-to-earnings ratio of -166.03 and a beta of 0.83. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $287.97.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.13. The firm had revenue of $1.19 billion during 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 firm's quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.07) earnings per share. As a group, analysts forecast that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CAO Gene Liu sold 1,024 shares of the company's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $230,860.80. Following the sale, the chief accounting officer now owns 59,168 shares of the company's stock, valued at $13,339,425.60. This represents a 1.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $253.01, for a total transaction of $2,010,923.48. Following the completion of the sale, the director now owns 389,452 shares in the company, valued at $98,535,250.52. This represents a 2.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 280,136 shares of company stock valued at $67,814,587. Insiders own 38.55% of the company's stock.

Institutional Investors Weigh In On Atlassian

A number of institutional investors and hedge funds have recently bought and sold shares of TEAM. GAMMA Investing LLC raised its holdings in shares of Atlassian by 22.9% in the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company's stock worth $71,000 after acquiring an additional 54 shares during the last quarter. Legacy Wealth Asset Management LLC raised its stake in Atlassian by 2.1% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company's stock valued at $544,000 after purchasing an additional 70 shares during the last quarter. Brown Brothers Harriman & Co. lifted its holdings in Atlassian by 23.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company's stock valued at $69,000 after purchasing an additional 82 shares in the last quarter. Commerce Bank boosted its stake in shares of Atlassian by 1.8% during the 3rd quarter. Commerce Bank now owns 4,966 shares of the technology company's stock worth $789,000 after purchasing an additional 90 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Atlassian by 4.8% during the third quarter. Signaturefd LLC now owns 2,411 shares of the technology company's stock worth $383,000 after buying an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

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.