Jefferies Financial Group Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its target price increased by Jefferies Financial Group from $240.00 to $280.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other research analysts have also weighed in on TEAM. Piper Sandler lifted their price target on shares of Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday. UBS Group increased their target price on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Morgan Stanley increased their target price on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Scotiabank reduced their target price on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a report on Friday, August 2nd. Finally, Barclays reduced their target price on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Stock Up 19.0 %

TEAM traded up $35.81 during trading on Friday, reaching $224.35. The company had a trading volume of 9,591,126 shares, compared to its average volume of 1,914,822. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian has a 12 month low of $135.29 and a 12 month high of $258.69. The business’s fifty day moving average price is $173.30 and its 200 day moving average price is $171.46. The company has a market cap of $58.34 billion, a P/E ratio of -147.60 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. The business’s revenue was up 20.5% on a year-over-year basis. Equities analysts anticipate that Atlassian will post -0.58 EPS for the current year.

Insider Buying and Selling at Atlassian

In other news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at $23,482,294.26. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at $23,482,294.26. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $193.70, for a total transaction of $1,539,527.60. Following the completion of the transaction, the chief executive officer now directly owns 429,192 shares in the company, valued at $83,134,490.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 230,185 shares of company stock worth $39,155,661 over the last quarter. 38.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently bought and sold shares of TEAM. Asset Dedication LLC increased its position in Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after acquiring an additional 108 shares during the period. Hollencrest Capital Management increased its position in Atlassian by 383.9% during the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after acquiring an additional 119 shares during the period. Trust Co. of Vermont increased its position in Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after acquiring an additional 174 shares during the period. Rothschild Investment LLC bought a new position in Atlassian during the second quarter worth about $36,000. Finally, GAMMA Investing LLC increased its position in 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. 93.03% of the stock is owned by 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.