Morgan Stanley Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its target price increased by investment analysts at Morgan Stanley from $259.00 to $315.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price objective indicates a potential upside of 23.56% from the stock’s current price.

Several other research analysts have also weighed in on TEAM. Macquarie started coverage on Atlassian in a research report on Thursday, December 12th. They set a “neutral” rating and a $290.00 price target on the stock. Wells Fargo & Company increased their price target on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Robert W. Baird boosted their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. KeyCorp boosted their price target on Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, UBS Group increased their price objective on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $270.65.

Atlassian Stock Up 2.0 %

NASDAQ TEAM traded up $4.90 during trading hours on Thursday, reaching $254.93. 750,874 shares of the company’s stock were exchanged, compared to its average volume of 1,742,772. The company’s 50-day moving average is $255.66 and its two-hundred day moving average is $201.07. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian has a one year low of $135.29 and a one year high of $287.97. The company has a market capitalization of $66.39 billion, a price-to-earnings ratio of -167.72 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Atlassian’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period last year, the company earned ($0.07) earnings per share. On average, analysts forecast that Atlassian will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $188.56, for a total transaction of $1,498,674.88. Following the transaction, the chief executive officer now owns 373,556 shares in the company, valued at approximately $70,437,719.36. This represents a 2.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on Friday, October 18th. The stock was sold at an average price of $188.79, for a total transaction of $143,480.40. Following the transaction, the president now directly owns 228,996 shares in the company, valued at $43,232,154.84. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 271,428 shares of company stock valued at $65,082,922. 38.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atlassian

Large investors have recently made changes to their positions in the stock. Baillie Gifford & Co. increased its holdings in shares of Atlassian by 0.9% in the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after purchasing an additional 78,454 shares during the period. State Street Corp lifted its stake in shares of Atlassian by 0.3% in the 3rd quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after acquiring an additional 8,957 shares during the last quarter. Dragoneer Investment Group LLC purchased a new position in shares of Atlassian in the second quarter worth $469,803,000. JPMorgan Chase & Co. grew its position in shares of Atlassian by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after buying an additional 131,621 shares during the last quarter. Finally, FMR LLC boosted its holdings in Atlassian by 7.4% in the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after acquiring an additional 150,237 shares in the last quarter. 94.45% of the stock is owned by 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.