Atlassian (NASDAQ:TEAM) Price Target Raised to $375.00 at Wells Fargo & Company

Atlassian (NASDAQ:TEAM) had its target price hoisted by stock analysts at Wells Fargo & Company from $350.00 to $375.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 20.29% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Canaccord Genuity Group raised their price target on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Piper Sandler increased their price objective on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday. Robert W. Baird upped their price target on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Morgan Stanley upped their target price on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Oppenheimer lifted their target price on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $291.05.

Atlassian Stock Performance

Shares of NASDAQ:TEAM traded up $44.80 during mid-day trading on Friday, reaching $311.75. The company had a trading volume of 3,827,159 shares, compared to its average volume of 1,944,244. The firm has a market cap of $81.19 billion, a price-to-earnings ratio of -205.70 and a beta of 0.83. The company’s 50-day moving average price is $259.32 and its 200-day moving average price is $206.76. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian has a one year low of $135.29 and a one year high of $324.37.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. As a group, equities research analysts anticipate that Atlassian will post -0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $219.07, for a total value of $1,741,168.36. Following the sale, the director now directly owns 309,972 shares in the company, valued at approximately $67,905,566.04. The trade was a 2.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares in the company, valued at $54,690,889.35. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 257,156 shares of company stock worth $65,313,573. 38.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Avion Wealth grew its stake in shares of Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after purchasing an additional 157 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares during the last quarter. Reston Wealth Management LLC acquired a new stake in shares of Atlassian during the 3rd quarter worth about $48,000. Finally, Quarry LP lifted its stake in Atlassian by 143.8% during the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the last quarter. Institutional investors and hedge funds 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.