Atlassian (NASDAQ:TEAM) Price Target Raised to $300.00 at Citigroup

Atlassian (NASDAQ:TEAM) had its price objective upped by stock analysts at Citigroup from $255.00 to $300.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Citigroup’s target price would indicate a potential upside of 18.26% from the stock’s previous close.

TEAM has been the subject of several other reports. Wells Fargo & Company boosted their target price on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. Mizuho lifted their price target on shares of Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Morgan Stanley upped their price objective on shares of Atlassian from $259.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Cantor Fitzgerald assumed coverage on shares of Atlassian in a report on Friday. They set a “neutral” rating and a $264.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $272.00.

Atlassian Stock Performance

TEAM traded down $0.58 during trading on Friday, reaching $253.68. 524,039 shares of the company’s stock were exchanged, compared to its average volume of 1,731,346. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The company’s fifty day simple moving average is $256.07 and its 200-day simple moving average is $201.44. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97. The stock has a market capitalization of $66.06 billion, a P/E ratio of -166.87 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion for 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%. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) EPS. As a group, research analysts predict that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $251.20, for a total value of $1,996,537.60. Following the completion of the transaction, the chief executive officer now owns 405,348 shares in the company, valued at approximately $101,823,417.60. The trade was a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total transaction of $825,000.00. Following the sale, the director now owns 5,610 shares in the company, valued at approximately $1,542,750. This trade represents a 34.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,668 shares of company stock worth $65,408,691 over the last ninety days. Corporate insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. GAMMA Investing LLC grew its position 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 buying an additional 96 shares in the last quarter. True Wealth Design LLC increased its position in shares of Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after purchasing an additional 231 shares during the last quarter. Reston Wealth Management LLC acquired a new stake in shares of Atlassian in the 3rd quarter valued at $48,000. Quarry LP lifted its position in shares of Atlassian by 143.8% during 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 last quarter. Finally, Brown Brothers Harriman & Co. grew its stake in shares of Atlassian by 23.2% during the third 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 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.