Atlassian (NASDAQ:TEAM) Given New $310.00 Price Target at Piper Sandler

Atlassian (NASDAQ:TEAM) had its price target hoisted by Piper Sandler from $265.00 to $310.00 in a research note issued to investors on Monday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the technology company’s stock.

Other analysts also recently issued reports about the stock. Macquarie began coverage on shares of Atlassian in a report on Thursday, December 12th. They set a “neutral” rating and a $290.00 target price on the stock. Raymond James raised their price objective on shares of Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Jefferies Financial Group upped their target price on shares of Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Wells Fargo & Company lifted their price target on Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, BMO Capital Markets upped their price objective on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $264.25.

Atlassian Price Performance

Shares of TEAM stock opened at $244.49 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a 12-month low of $135.29 and a 12-month high of $287.97. The firm has a fifty day moving average of $251.77 and a 200-day moving average of $198.18. The firm has a market capitalization of $63.67 billion, a price-to-earnings ratio of -160.85 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company’s revenue was up 21.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.07) earnings per share. On average, equities research analysts forecast that Atlassian will post -0.54 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $188.79, for a total value of $143,480.40. Following the completion of the transaction, the president now directly owns 228,996 shares in the company, valued at approximately $43,232,154.84. The trade was a 0.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Heather Mirjahangir Fernandez sold 750 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $185.50, for a total value of $139,125.00. Following the transaction, the director now directly owns 10,110 shares of the company’s stock, valued at approximately $1,875,405. The trade was a 6.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 277,350 shares of company stock valued at $64,990,352 over the last 90 days. 38.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Virtu Financial LLC acquired a new position in shares of Atlassian during the third quarter worth $606,000. Sequoia Financial Advisors LLC lifted its position in Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after acquiring an additional 520 shares in the last quarter. Paloma Partners Management Co bought a new stake in Atlassian during the third quarter worth $1,588,000. Impax Asset Management Group plc boosted its holdings in Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after purchasing an additional 31,986 shares during the last quarter. Finally, Parnassus Investments LLC boosted its position in Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after purchasing an additional 245,286 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.