Scotiabank Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price objective increased by Scotiabank from $175.00 to $250.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the technology company’s stock. Scotiabank’s target price indicates a potential upside of 11.43% from the stock’s current price.

Several other research firms also recently commented on TEAM. JMP Securities upgraded shares of Atlassian to a “hold” rating in a research note on Friday, August 2nd. Canaccord Genuity Group raised their target price on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday. StockNews.com cut 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. Finally, Raymond James upgraded Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 target price for the company in a research report on Tuesday, October 1st. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Trading Up 19.0 %

Shares of NASDAQ:TEAM opened at $224.35 on Friday. Atlassian has a 12-month low of $135.29 and a 12-month high of $258.69. The business has a 50 day moving average of $173.30 and a 200-day moving average of $171.30. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The stock has a market cap of $58.34 billion, a PE ratio of -147.60 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data 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 23.38% and a negative net margin of 8.59%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the firm posted ($0.21) EPS. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. As a group, equities research analysts forecast that Atlassian will post -0.58 earnings per share for the current year.

Insider Activity

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $143.54, for a total value of $1,140,855.92. Following the completion of the transaction, the chief executive officer now owns 309,972 shares of the company’s stock, valued at $44,493,380.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was 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 directly owns 309,972 shares in the company, valued at approximately $44,493,380.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $188.79, for a total value of $143,480.40. Following the completion of the transaction, the president now directly owns 228,996 shares of the company’s stock, valued at $43,232,154.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 230,185 shares of company stock worth $39,155,661. Insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several institutional investors have recently modified their holdings of TEAM. Asset Dedication LLC lifted its holdings in Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares during the period. Hollencrest Capital Management raised its position in shares of 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 last quarter. Trust Co. of Vermont lifted its stake in shares of Atlassian by 2,175.0% in 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 stake in Atlassian in the second quarter valued at approximately $36,000. Finally, GAMMA Investing LLC increased its position in Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the period. Institutional investors own 93.03% of the company’s stock.

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.