Scotiabank Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its target price lifted by equities research analysts at Scotiabank from $250.00 to $330.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price objective would suggest a potential upside of 5.06% from the company’s previous close.

A number of other research firms have also commented on TEAM. Oppenheimer increased their price objective on Atlassian from $270.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Macquarie assumed coverage on shares of Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective for the company. KeyCorp raised their price target on Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Piper Sandler increased their price objective on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Morgan Stanley increased their price target on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research note on Friday. 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.com, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $287.48.

Atlassian Stock Performance

Shares of TEAM stock traded up $47.15 during mid-day trading on Friday, hitting $314.10. The stock had a trading volume of 3,177,150 shares, compared to its average volume of 1,895,598. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $324.37. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The company’s 50-day simple moving average is $259.32 and its 200-day simple moving average is $206.76. The firm has a market cap of $81.80 billion, a PE ratio of -206.14 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data 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 net margin of 8.59% and a negative return on equity of 23.35%. Sell-side analysts anticipate that Atlassian will post -0.55 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $219.07, for a total transaction of $1,741,168.36. Following the sale, the director now directly owns 309,972 shares of the company’s stock, valued at $67,905,566.04. This trade represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Gene Liu sold 445 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $230.00, for a total value of $102,350.00. Following the sale, the chief accounting officer now owns 58,723 shares in the company, valued at approximately $13,506,290. This represents a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 257,156 shares of company stock valued at $65,313,573 in the last three months. Company insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its position in shares of Atlassian by 68.6% during the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares during the last quarter. True Wealth Design LLC lifted its holdings in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after buying an additional 231 shares during the period. Avion Wealth grew its holdings in Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after acquiring an additional 157 shares during the period. Reston Wealth Management LLC acquired a new position in shares of Atlassian in the 3rd quarter valued at $48,000. Finally, Quarry LP boosted its position in shares of Atlassian by 143.8% in the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Company Profile

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.