Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Atlassian (NASDAQ:TEAM) had its price target boosted by Wells Fargo & Company from $250.00 to $300.00 in a research report report published on Friday, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

TEAM has been the topic of a number of other research reports. Baird R W cut Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Scotiabank increased their price target on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a report on Friday. Barclays decreased their price objective on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. JMP Securities upgraded shares of Atlassian to a “hold” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird increased their price objective on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Stock Up 19.0 %

TEAM traded up $35.81 during midday trading on Friday, reaching $224.35. 9,591,126 shares of the company were exchanged, compared to its average volume of 1,914,822. The company has a market cap of $58.34 billion, a price-to-earnings ratio of -147.60 and a beta of 0.71. Atlassian has a one year low of $135.29 and a one year high of $258.69. The company’s fifty day moving average price is $173.30 and its 200 day moving average price is $171.46. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.21) EPS. As a group, analysts expect that Atlassian will post -0.58 EPS for the current year.

Insider Activity

In other news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $143.54, for a total transaction of $1,140,855.92. Following the sale, the chief executive officer now owns 309,972 shares in the company, valued at $44,493,380.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Atlassian news, CTO Rajeev Bashyam Rajan sold 199 shares of Atlassian stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the sale, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $143.54, for a total value of $1,140,855.92. Following the sale, the chief executive officer now owns 309,972 shares of the company’s stock, valued at approximately $44,493,380.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 230,185 shares of company stock worth $39,155,661 over the last three months. 38.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Atlassian by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock worth $3,039,287,000 after buying an additional 221,650 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Atlassian by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after purchasing an additional 904,138 shares during the period. Dragoneer Investment Group LLC purchased a new position in Atlassian in the 2nd quarter worth approximately $469,803,000. Capital International Investors grew its holdings in Atlassian by 6.3% during the 1st quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock valued at $475,399,000 after buying an additional 144,117 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in shares of Atlassian by 6.7% during the first quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock worth $404,059,000 after acquiring an additional 130,253 shares during the last quarter. 93.03% of the stock is owned by hedge funds and other institutional investors.

Atlassian Company Profile

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.