Atlassian (NASDAQ:TEAM) Given New $255.00 Price Target at Canaccord Genuity Group

Atlassian (NASDAQ:TEAM) had its price objective boosted by Canaccord Genuity Group from $225.00 to $255.00 in a report released on Friday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other research firms also recently issued reports on TEAM. Jefferies Financial Group upped their price objective on Atlassian from $240.00 to $280.00 and gave the stock a “buy” rating in a report on Friday. Piper Sandler increased their price target on Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday. Morgan Stanley increased their price target on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Oppenheimer increased their price target on Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a research note on Friday. Finally, JMP Securities raised Atlassian to a “hold” rating in a research note on Friday, August 2nd. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and an average target price of $243.16.

Atlassian Stock Performance

NASDAQ TEAM opened at $218.96 on Friday. Atlassian has a twelve month low of $135.29 and a twelve month high of $258.69. 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 stock has a 50-day simple moving average of $174.38 and a 200 day simple moving average of $171.31.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative return on equity of 23.38% and a negative net margin of 8.59%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the business earned ($0.07) EPS. Atlassian’s revenue was up 21.5% compared to the same quarter last year. On average, research analysts forecast that Atlassian will post -0.58 EPS for the current fiscal year.

Insider Activity

In other news, CAO Gene Liu sold 1,024 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $230,860.80. Following the completion of the transaction, the chief accounting officer now owns 59,168 shares in the company, valued at $13,339,425.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the sale, the chief technology officer now directly owns 128,957 shares in the company, valued at approximately $18,838,038.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Gene Liu sold 1,024 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $225.45, for a total transaction of $230,860.80. Following the sale, the chief accounting officer now owns 59,168 shares of the company’s stock, valued at $13,339,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 237,269 shares of company stock worth $41,382,072 in the last quarter. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently bought and sold shares of the stock. Venturi Wealth Management LLC lifted its position in Atlassian by 18.6% during the third quarter. Venturi Wealth Management LLC now owns 1,411 shares of the technology company’s stock worth $224,000 after acquiring an additional 221 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its position in Atlassian by 1.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 58,885 shares of the technology company’s stock worth $9,352,000 after acquiring an additional 1,121 shares during the last quarter. Lindbrook Capital LLC lifted its position in Atlassian by 8.0% during the third quarter. Lindbrook Capital LLC now owns 1,802 shares of the technology company’s stock worth $286,000 after acquiring an additional 133 shares during the last quarter. Verdence Capital Advisors LLC lifted its position in Atlassian by 88.8% during the third quarter. Verdence Capital Advisors LLC now owns 3,503 shares of the technology company’s stock worth $556,000 after acquiring an additional 1,648 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in Atlassian during the third quarter worth approximately $103,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

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.