Atlassian (NASDAQ:TEAM) Given New $245.00 Price Target at Robert W. Baird

Atlassian (NASDAQ:TEAM) had its price target boosted by Robert W. Baird from $200.00 to $245.00 in a research note released on Monday, MarketBeat reports. Robert W. Baird currently has an outperform rating on the technology company’s stock.

Several other research analysts have also recently weighed in on the company. Citizens Jmp reissued a “market perform” rating on shares of Atlassian in a research report on Wednesday, July 1st. FBN Securities reaffirmed an “outperform” rating and set a $170.00 target price on shares of Atlassian in a research report on Monday, August 10th. Wells Fargo & Company lifted their target price on Atlassian from $140.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Jefferies Financial Group reissued a “buy” rating and issued a $200.00 price target on shares of Atlassian in a report on Friday, August 7th. Finally, BTIG Research increased their price target on shares of Atlassian from $180.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Twenty-five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $191.56.

Atlassian Trading Down 4.9%

NASDAQ:TEAM opened at $178.54 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $45.31 billion, a price-to-earnings ratio of -939.68, a price-to-earnings-growth ratio of 14.75 and a beta of 1.15. Atlassian has a 52 week low of $56.01 and a 52 week high of $200.00. The firm has a 50-day moving average price of $157.87 and a two-hundred day moving average price of $108.04.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.37. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The company’s revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.98 EPS. On average, equities analysts expect that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction on 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 sale, the chief financial officer owned 279,218 shares of the company’s stock, valued at $48,151,144.10. The trade was a 3.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,851 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $319,204.95. Following the sale, the executive owned 218,223 shares in the company, valued at approximately $37,632,556.35. This represents a 0.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 22,138 shares of company stock worth $3,751,873. 36.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds have recently made changes to their positions in the stock. MV Capital Management Inc. bought a new position in Atlassian in the 4th quarter worth about $25,000. Reflection Asset Management purchased a new position in Atlassian during the 4th quarter valued at about $44,000. Manning & Napier Advisors LLC bought a new stake in shares of Atlassian during the second quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB increased its position in shares of Atlassian by 139.2% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock valued at $29,000 after buying an additional 220 shares during the period. Finally, Western Wealth Management LLC purchased a new stake in shares of Atlassian in the first quarter worth about $30,000. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.