Atlassian (NASDAQ:TEAM – Get Free Report) had its target price increased by investment analysts at Jefferies Financial Group from $300.00 to $325.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Jefferies Financial Group’s target price suggests a potential upside of 22.73% from the stock’s previous close.
Several other research firms have also weighed in on TEAM. Truist Financial raised shares of Atlassian from a “hold” rating to a “buy” rating and raised their price objective for the stock from $250.00 to $300.00 in a report on Tuesday, January 7th. Morgan Stanley raised their price target on Atlassian from $259.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Citigroup boosted their price objective on Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Cantor Fitzgerald started coverage on Atlassian in a research note on Friday, January 17th. They issued a “neutral” rating and a $264.00 target price for the company. Finally, Wells Fargo & Company upped their price target on shares of Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $273.19.
Check Out Our Latest Stock Report on TEAM
Atlassian Price Performance
Atlassian (NASDAQ:TEAM – Get Free Report) last issued its quarterly earnings data 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. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the business earned ($0.07) earnings per share. The business’s revenue was up 21.5% on a year-over-year basis. On average, sell-side analysts forecast that Atlassian will post -0.55 EPS for the current fiscal year.
Insider Activity
In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $265.33, for a total transaction of $2,108,842.84. Following the transaction, the chief executive officer now directly owns 365,608 shares in the company, valued at approximately $97,006,770.64. The trade was a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Anutthara Bharadwaj sold 4,560 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $1,028,052.00. Following the completion of the sale, the president now owns 224,436 shares of the company’s stock, valued at $50,599,096.20. This trade represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 272,188 shares of company stock valued at $67,421,558 in the last ninety days. 38.55% of the stock is owned by insiders.
Hedge Funds Weigh In On Atlassian
Several institutional investors and hedge funds have recently modified their holdings of TEAM. True Wealth Design LLC lifted its stake in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares during the period. Reston Wealth Management LLC bought a new stake in Atlassian in the 3rd quarter valued at $48,000. Quarry LP boosted its stake in Atlassian by 143.8% in the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the period. Finally, Brown Brothers Harriman & Co. increased its holdings in 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 purchasing an additional 82 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.
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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