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

Atlassian (NASDAQ:TEAM) had its price objective lifted by stock analysts at Oppenheimer from $270.00 to $300.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price target points to a potential upside of 21.04% from the stock’s current price.

TEAM has been the subject of a number of other research reports. Jefferies Financial Group increased their price objective on Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Piper Sandler increased their price target on Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Mizuho lifted their price target on Atlassian from $240.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. BMO Capital Markets upped their price objective on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research note on Friday, November 1st. Finally, Scotiabank lifted their target price on shares of Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $264.25.

Atlassian Price Performance

NASDAQ:TEAM opened at $247.85 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The business’s 50-day moving average price is $250.65 and its 200 day moving average price is $197.58. Atlassian has a 52-week low of $135.29 and a 52-week high of $287.97. The firm has a market cap of $64.55 billion, a P/E ratio of -163.06 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the company posted ($0.07) EPS. The business’s revenue was up 21.5% compared to the same quarter last year. As a group, sell-side analysts predict that Atlassian will post -0.54 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Gene Liu sold 1,024 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $230,860.80. Following the transaction, the chief accounting officer now owns 59,168 shares in the company, valued at $13,339,425.60. This represents a 1.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on Friday, October 18th. The shares were sold at an average price of $188.79, for a total transaction of $143,480.40. Following the completion of the sale, the president now directly owns 228,996 shares of the company’s stock, valued at approximately $43,232,154.84. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 269,402 shares of company stock worth $63,056,206 in the last three months. 38.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently bought and sold shares of TEAM. Virtu Financial LLC acquired a new position in shares of Atlassian during the 3rd quarter valued at about $606,000. Sequoia Financial Advisors LLC boosted its position in Atlassian by 37.0% during the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock worth $306,000 after purchasing an additional 520 shares during the period. Paloma Partners Management Co acquired a new position in Atlassian during the third quarter valued at approximately $1,588,000. Impax Asset Management Group plc raised its position in shares of Atlassian by 590.6% in the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after purchasing an additional 31,986 shares during the period. Finally, Parnassus Investments LLC lifted its stake in shares of Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after buying an additional 245,286 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

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.