Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Atlassian (NASDAQ:TEAM) had its price objective increased by analysts at Morgan Stanley from $315.00 to $370.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 38.60% from the stock’s current price.

A number of other research firms have also weighed in on TEAM. Citigroup raised their price target on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Jefferies Financial Group raised their price objective on shares of Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Truist Financial raised shares of Atlassian from a “hold” rating to a “buy” rating and raised their price objective for the stock from $250.00 to $300.00 in a report on Tuesday, January 7th. Piper Sandler raised their price objective on shares of Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Robert W. Baird raised their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus target price of $279.14.

Atlassian Stock Performance

Shares of TEAM opened at $266.95 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $69.52 billion, a price-to-earnings ratio of -175.62 and a beta of 0.83. The company’s 50 day simple moving average is $259.32 and its 200 day simple moving average is $206.76. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. On average, sell-side analysts predict that Atlassian will post -0.55 EPS for the current year.

Insider Buying and Selling

In other news, CAO Gene Liu sold 445 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $230.00, for a total transaction of $102,350.00. Following the completion of the sale, the chief accounting officer now directly owns 58,723 shares of the company’s stock, valued at $13,506,290. This trade represents a 0.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total value of $2,150,967.24. Following the sale, the director now directly owns 333,816 shares of the company’s stock, valued at approximately $90,340,624.08. This represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 257,156 shares of company stock valued at $65,313,573 in the last three months. 38.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. boosted its position in Atlassian by 0.9% during the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after purchasing an additional 78,454 shares during the last quarter. State Street Corp boosted its position in Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after purchasing an additional 8,957 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Atlassian by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock valued at $393,588,000 after purchasing an additional 131,621 shares during the last quarter. FMR LLC boosted its position in Atlassian by 7.4% during the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after purchasing an additional 150,237 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Atlassian by 2.8% during the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock valued at $340,453,000 after purchasing an additional 57,911 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.