Raymond James Increases Atlassian (NASDAQ:TEAM) Price Target to $250.00

Atlassian (NASDAQ:TEAM) had its target price lifted by investment analysts at Raymond James from $200.00 to $250.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Raymond James’ price objective would indicate a potential upside of 11.43% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. Canaccord Genuity Group increased their price objective on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Friday. Morgan Stanley lifted their price target on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, October 11th. JMP Securities raised Atlassian to a “hold” rating in a research note on Friday, August 2nd. StockNews.com lowered Atlassian from a “buy” rating to a “hold” rating in a report on Friday, July 12th. Finally, Jefferies Financial Group upped their price objective on shares of Atlassian from $240.00 to $280.00 and gave the stock a “buy” rating in a report on Friday. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average price target of $243.16.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $224.35 on Friday. The stock has a market capitalization of $58.34 billion, a P/E ratio of -147.60 and a beta of 0.71. The firm’s 50-day moving average price is $173.30 and its two-hundred day moving average price is $171.30. Atlassian has a 52-week low of $135.29 and a 52-week 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.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TEAM. Hollencrest Capital Management grew its holdings in shares of Atlassian by 383.9% during the 1st 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. Asset Dedication LLC boosted its position in Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after purchasing an additional 108 shares during the last quarter. Trust Co. of Vermont grew its stake in Atlassian by 2,175.0% in the second 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 in the last quarter. Rothschild Investment LLC acquired a new position in Atlassian in the 2nd quarter worth about $36,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Atlassian during the 1st quarter worth about $40,000. Institutional investors and hedge funds own 93.03% 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.