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

Atlassian (NASDAQ:TEAM) had its target price lifted by Piper Sandler from $225.00 to $265.00 in a research note published on Friday, Benzinga reports. Piper Sandler currently has an overweight rating on the technology company’s stock.

TEAM has been the topic of a number of other research reports. The Goldman Sachs Group upgraded Atlassian from a “neutral” rating to a “buy” rating and upped their target price for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. Baird R W downgraded shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Robert W. Baird downgraded Atlassian from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $230.00 to $175.00 in a research report on Friday, August 2nd. Mizuho upped their target price on Atlassian from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Raymond James upgraded Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 price target for the company in a research report on Tuesday, October 1st. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Stock Performance

Atlassian stock traded up $35.81 during mid-day trading on Friday, reaching $224.35. 9,591,126 shares of the company traded hands, compared to its average volume of 1,914,822. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $258.69. The firm’s fifty day moving average is $173.30 and its two-hundred day moving average is $171.46. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market capitalization of $58.34 billion, a price-to-earnings ratio of -147.60 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping 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 company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the previous year, the firm posted ($0.21) EPS. The firm’s revenue was up 20.5% compared to the same quarter last year. On average, equities research analysts expect that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the sale, the chief executive officer now owns 294,076 shares of the company’s stock, valued at approximately $41,329,441.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the transaction, the president now owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total value of $1,117,011.92. Following the completion of the sale, the chief executive officer now owns 294,076 shares of the company’s stock, valued at approximately $41,329,441.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 230,185 shares of company stock worth $39,155,661. Corporate insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Atlassian by 1.4% during the first quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock worth $3,039,287,000 after purchasing an additional 221,650 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Atlassian by 8.8% in 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 buying an additional 904,138 shares during the period. Dragoneer Investment Group LLC acquired a new stake in shares of Atlassian during the 2nd quarter worth approximately $469,803,000. Capital International Investors raised its position in shares of 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 during the period. Finally, Clearbridge Investments LLC lifted its holdings in Atlassian by 6.7% in the first quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock valued at $404,059,000 after acquiring an additional 130,253 shares during the last quarter. Institutional investors and hedge funds 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.