Jefferies Financial Group Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price objective hoisted by equities research analysts at Jefferies Financial Group from $280.00 to $300.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 24.98% from the stock’s previous close.

TEAM has been the subject of a number of other reports. Raymond James upped their price objective on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Barclays reduced their price target on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Scotiabank upped their price objective on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research note on Friday, November 1st. Canaccord Genuity Group boosted their price target on shares of Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, The Goldman Sachs Group raised Atlassian from a “neutral” rating to a “buy” rating and raised their price objective for the company from $200.00 to $230.00 in a research note on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $244.21.

Atlassian Stock Down 4.0 %

Shares of NASDAQ TEAM opened at $240.04 on Thursday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The business has a 50-day moving average of $186.37 and a 200-day moving average of $174.14. The firm has a market capitalization of $62.51 billion, a price-to-earnings ratio of -157.92 and a beta of 0.71. Atlassian has a 12 month low of $135.29 and a 12 month high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the firm earned ($0.07) EPS. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. Sell-side analysts expect that Atlassian will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the transaction, the president now directly owns 143,966 shares in the company, valued at $23,482,294.26. This represents a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $164.81, for a total transaction of $1,309,909.88. Following the transaction, the chief executive officer now owns 182,804 shares in the company, valued at approximately $30,127,927.24. This trade represents a 4.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 246,248 shares of company stock valued at $45,553,294. 38.55% of the stock is owned by insiders.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently added to or reduced their stakes in TEAM. Geode Capital Management LLC boosted its stake in Atlassian by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock worth $340,453,000 after purchasing an additional 57,911 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of Atlassian in the third quarter worth $3,026,000. XTX Topco Ltd bought a new position in shares of Atlassian during the third quarter worth $3,245,000. DF Dent & Co. Inc. lifted its stake in Atlassian by 20.5% in the 3rd quarter. DF Dent & Co. Inc. now owns 466,557 shares of the technology company’s stock worth $74,094,000 after purchasing an additional 79,230 shares in the last quarter. Finally, iA Global Asset Management Inc. grew its position in shares of Atlassian by 9.8% during the third quarter. iA Global Asset Management Inc. now owns 22,146 shares of the technology company’s stock valued at $3,517,000 after purchasing an additional 1,984 shares in the last quarter. Institutional investors 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.