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

Atlassian (NASDAQ:TEAM) had its price objective upped by investment analysts at Oppenheimer from $230.00 to $270.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price target points to a potential upside of 16.64% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. Raymond James raised shares of Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 target price for the company in a research report on Tuesday, October 1st. JMP Securities upgraded Atlassian to a “hold” rating in a research note on Friday, August 2nd. Baird R W downgraded Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Capital One Financial upgraded Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 target price for the company in a research note on Thursday, July 11th. Finally, Piper Sandler increased their price target on shares of Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average price target of $229.74.

Atlassian Stock Up 22.8 %

Shares of NASDAQ:TEAM opened at $231.49 on Friday. Atlassian has a 12-month low of $135.29 and a 12-month high of $258.69. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The stock has a market cap of $60.19 billion, a price-to-earnings ratio of -199.56 and a beta of 0.73. The business’s 50 day moving average is $172.01 and its 200 day moving average is $171.24.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The company’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.21) EPS. On average, sell-side analysts forecast that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CTO Rajeev Bashyam Rajan sold 199 shares of Atlassian stock in a transaction on Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the transaction, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at $18,838,038.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total value of $1,117,011.92. Following the sale, the chief executive officer now directly owns 294,076 shares in the company, valued at approximately $41,329,441.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at $18,838,038.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 230,185 shares of company stock worth $39,155,661. 38.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Atlassian

Large investors have recently modified their holdings of the stock. Asset Dedication LLC grew its holdings in shares of Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after acquiring an additional 108 shares during the period. Hollencrest Capital Management increased its holdings in shares of Atlassian by 383.9% during the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares in the last quarter. Trust Co. of Vermont boosted its stake in Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after purchasing an additional 174 shares during the last quarter. Rothschild Investment LLC bought a new stake in shares of Atlassian in the 2nd quarter worth $36,000. Finally, GAMMA Investing LLC increased its holdings in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares in the last quarter. Institutional investors own 93.03% of the company’s stock.

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.