Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, BTIG Research Analyst Says

Atlassian (NASDAQ:TEAM) had its price target upped by stock analysts at BTIG Research from $180.00 to $230.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. BTIG Research’s target price would suggest a potential upside of 23.36% from the company’s current price.

Several other research analysts also recently weighed in on the company. Truist Financial upped their target price on Atlassian from $160.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Zacks Research cut shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Morgan Stanley upped their price objective on shares of Atlassian from $120.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Oppenheimer increased their price objective on shares of Atlassian from $110.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of Atlassian in a research report on Monday, June 29th. Twenty-five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $183.81.

Atlassian Stock Down 0.3%

Shares of TEAM stock opened at $186.44 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian has a twelve month low of $56.01 and a twelve month high of $197.30. The stock has a 50 day moving average of $121.40 and a 200 day moving average of $94.17. The stock has a market cap of $47.31 billion, a P/E ratio of -981.26, a P/E/G ratio of 14.70 and a beta of 1.15.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the business earned $0.98 earnings per share. The firm’s revenue was up 27.6% on a year-over-year basis. As a group, sell-side analysts expect that Atlassian will post 0.94 EPS for the current year.

Insider Buying and Selling

In related news, CFO James Chuong sold 9,054 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the sale, the chief financial officer owned 279,218 shares of the company’s stock, valued at approximately $48,151,144.10. This represents a 3.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the completion of the transaction, the chief accounting officer directly owned 56,807 shares in the company, valued at $9,941,225. This trade represents a 1.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 31,288 shares of company stock worth $4,597,259. 36.66% of the stock is owned by insiders.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently modified their holdings of TEAM. Nicholas Company Inc. increased its stake in Atlassian by 8.7% during the fourth quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock worth $49,748,000 after acquiring an additional 24,490 shares during the last quarter. Tensor Edge Capital LLC acquired a new position in shares of Atlassian in the 4th quarter valued at $5,028,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of Atlassian by 69.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company’s stock worth $4,232,000 after purchasing an additional 25,400 shares during the period. AMF Tjanstepension AB acquired a new stake in shares of Atlassian during the 4th quarter worth about $4,669,000. Finally, Fluent Financial LLC acquired a new stake in shares of Atlassian during the 2nd quarter worth about $2,239,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.