Canaccord Genuity Group Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target upped by Canaccord Genuity Group from $225.00 to $255.00 in a research report released on Friday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

TEAM has been the subject of a number of other research reports. BMO Capital Markets boosted their price target on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research note on Friday. StockNews.com lowered shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Oppenheimer boosted their price target on shares of Atlassian from $230.00 to $270.00 and gave the company an “outperform” rating in a research note on Friday. Mizuho boosted their price target on shares of Atlassian from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Robert W. Baird boosted their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $243.16.

Atlassian Trading Up 19.0 %

Shares of NASDAQ:TEAM traded up $35.81 during mid-day trading on Friday, hitting $224.35. The company had a trading volume of 9,591,126 shares, compared to its average volume of 1,914,822. The firm has a fifty day moving average price of $173.30 and a 200 day moving average price of $171.46. The company has a market capitalization of $58.34 billion, a PE ratio of -147.60 and a beta of 0.71. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian has a one year low of $135.29 and a one year high of $258.69.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.07. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. Atlassian’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.21) EPS. As a group, research analysts forecast that Atlassian will post -0.58 EPS for the current year.

Insider Buying and Selling

In related news, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $143.54, for a total value of $1,140,855.92. Following the transaction, the chief executive officer now directly owns 309,972 shares of the company’s stock, valued at approximately $44,493,380.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $143.54, for a total transaction of $1,140,855.92. Following the sale, the chief executive officer now directly owns 309,972 shares of the company’s stock, valued at $44,493,380.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Rajeev Bashyam Rajan sold 5,172 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $190.00, for a total transaction of $982,680.00. Following the sale, the chief technology officer now directly owns 204,109 shares in the company, valued at approximately $38,780,710. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 230,185 shares of company stock valued at $39,155,661. 38.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in TEAM. Allspring Global Investments Holdings LLC increased its position in shares of Atlassian by 123.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 61,856 shares of the technology company’s stock valued at $12,069,000 after buying an additional 34,204 shares during the period. Norden Group LLC bought a new stake in shares of Atlassian during the first quarter valued at about $1,197,000. First Trust Direct Indexing L.P. increased its position in shares of Atlassian by 1.5% during the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock valued at $721,000 after buying an additional 55 shares during the period. Sequoia Financial Advisors LLC increased its position in shares of Atlassian by 12.9% during the first quarter. Sequoia Financial Advisors LLC now owns 1,540 shares of the technology company’s stock valued at $300,000 after buying an additional 176 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Atlassian by 7.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock valued at $27,723,000 after buying an additional 10,434 shares during the period. 93.03% of the stock is owned by hedge funds and other institutional investors.

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.