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

Atlassian (NASDAQ:TEAM) had its target price hoisted by analysts at Piper Sandler from $310.00 to $365.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price target indicates a potential upside of 16.01% from the stock’s current price.

A number of other brokerages also recently issued reports on TEAM. Macquarie initiated coverage on Atlassian in a research note on Thursday, December 12th. They issued a “neutral” rating and a $290.00 target price for the company. Cantor Fitzgerald lifted their target price on shares of Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research note on Friday. Robert W. Baird increased 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, November 1st. Truist Financial raised shares of Atlassian from a “hold” rating to a “buy” rating and lifted their price target for the company from $250.00 to $300.00 in a research report on Tuesday, January 7th. Finally, Wells Fargo & Company raised their target price on Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $287.48.

Atlassian Price Performance

Shares of NASDAQ:TEAM traded up $47.67 during midday trading on Friday, hitting $314.62. The company’s stock had a trading volume of 3,177,150 shares, compared to its average volume of 1,895,598. The company has a market cap of $81.94 billion, a P/E ratio of -206.14 and a beta of 0.83. Atlassian has a 12-month low of $135.29 and a 12-month high of $324.37. The business’s 50 day simple moving average is $259.32 and its 200 day simple moving average is $206.76. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last released its earnings results 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 return on equity of 23.35% and a negative net margin of 8.59%. On average, analysts forecast that Atlassian will post -0.55 EPS for the current year.

Insider Buying and Selling

In related news, CAO Gene Liu sold 445 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $230.00, for a total transaction of $102,350.00. Following the completion of the transaction, the chief accounting officer now owns 58,723 shares in the company, valued at approximately $13,506,290. The trade was a 0.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $278.79, for a total value of $2,215,822.92. Following the completion of the sale, the chief executive officer now owns 135,116 shares in the company, valued at approximately $37,668,989.64. This represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 257,156 shares of company stock valued at $65,313,573 in the last three months. 38.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TEAM. GAMMA Investing LLC lifted its stake in 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 purchasing an additional 96 shares during the last quarter. True Wealth Design LLC raised its holdings in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares in the last quarter. Avion Wealth lifted its position in shares of 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 buying an additional 157 shares during the last quarter. Reston Wealth Management LLC acquired a new position in shares of Atlassian in the 3rd quarter valued at $48,000. Finally, Quarry LP grew 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 valued at $66,000 after buying an additional 220 shares during the last quarter. Hedge funds and other institutional investors own 94.45% 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.