Atlassian (NASDAQ:TEAM – Get Free Report) had its target price lifted by research analysts at Morgan Stanley from $216.00 to $224.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s target price indicates a potential upside of 19.75% from the stock’s previous close.
A number of other equities analysts have also commented on TEAM. StockNews.com lowered Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Baird R W lowered Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Capital One Financial raised Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective for the company in a research note on Thursday, July 11th. Truist Financial lowered their price objective on Atlassian from $200.00 to $160.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Finally, Piper Sandler raised Atlassian from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $200.00 to $225.00 in a research note on Tuesday, July 2nd. Ten analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $216.29.
View Our Latest Report on TEAM
Atlassian Price Performance
Atlassian (NASDAQ:TEAM – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the company earned ($0.21) earnings per share. The firm’s revenue was up 20.5% on a year-over-year basis. As a group, equities analysts expect that Atlassian will post -0.58 EPS for the current fiscal year.
Insider Buying and Selling
In related news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.00, for a total transaction of $133,000.00. Following the completion of the sale, the president now directly owns 152,534 shares of the company’s stock, valued at approximately $26,693,450. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $175.91, for a total transaction of $1,398,132.68. Following the transaction, the chief executive officer now directly owns 397,400 shares in the company, valued at $69,906,634. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $175.00, for a total value of $133,000.00. Following the transaction, the president now owns 152,534 shares in the company, valued at $26,693,450. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 238,133 shares of company stock valued at $39,405,557. Insiders own 40.48% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of the company. Asset Dedication LLC increased its holdings in shares of Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after acquiring an additional 108 shares during the period. Hollencrest Capital Management increased its holdings in shares of Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares during the period. Trust Co. of Vermont increased its holdings in shares of Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after acquiring an additional 174 shares during the period. Rothschild Investment LLC purchased a new position in shares of Atlassian in the 2nd quarter valued at $36,000. Finally, GAMMA Investing LLC increased its holdings in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares during the period. 93.03% of the stock is currently owned by hedge funds and other institutional investors.
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.
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