Atlassian Co. (NASDAQ:TEAM) Receives $285.29 Consensus Price Target from Analysts

Shares of Atlassian Co. (NASDAQ:TEAM) have been given a consensus recommendation of “Moderate Buy” by the twenty-four research firms that are covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $282.19.

TEAM has been the subject of a number of analyst reports. Jefferies Financial Group decreased their price target on Atlassian from $330.00 to $262.00 and set a “buy” rating for the company in a report on Monday, April 7th. Piper Sandler restated an “overweight” rating and issued a $300.00 price target (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Macquarie decreased their price target on Atlassian from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Truist Financial decreased their price target on Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a report on Monday, March 31st. Finally, KeyCorp cut their target price on Atlassian from $365.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $199.55, for a total transaction of $1,529,550.75. Following the completion of the transaction, the chief executive officer now owns 84,315 shares of the company’s stock, valued at $16,825,058.25. This trade represents a 8.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 7,674 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total value of $1,730,563.74. Following the transaction, the president now directly owns 192,260 shares of the company’s stock, valued at $43,356,552.60. This represents a 3.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 351,759 shares of company stock valued at $74,833,479. 38.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Atlassian by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company’s stock valued at $3,606,198,000 after purchasing an additional 580,583 shares during the period. Baillie Gifford & Co. lifted its position in shares of Atlassian by 7.1% during the 1st quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company’s stock worth $1,845,114,000 after buying an additional 573,696 shares during the period. JPMorgan Chase & Co. grew its stake in Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after buying an additional 1,806,042 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Atlassian by 21.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company’s stock valued at $730,175,000 after purchasing an additional 616,071 shares during the last quarter. Finally, Invesco Ltd. raised its position in Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after purchasing an additional 1,777,179 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Down 1.3%

Shares of NASDAQ:TEAM opened at $196.82 on Wednesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00. The stock has a market capitalization of $51.67 billion, a P/E ratio of -146.88 and a beta of 0.96. The stock has a 50-day simple moving average of $210.45 and a 200-day simple moving average of $243.37.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.89 EPS. Equities analysts forecast that Atlassian will post -0.34 earnings per share for the current year.

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.