Cantor Fitzgerald Raises Atlassian (NASDAQ:TEAM) Price Target to $304.00

Atlassian (NASDAQ:TEAM) had its target price boosted by Cantor Fitzgerald from $264.00 to $304.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

TEAM has been the topic of a number of other research reports. Wells Fargo & Company raised their price objective on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Morgan Stanley boosted their price objective on Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research note on Friday. Piper Sandler raised their target price on Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Citigroup boosted their price target on shares of Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Jefferies Financial Group lifted their price objective on shares of Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Nine research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average price target of $307.00.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $306.78 on Friday. Atlassian has a 12-month low of $135.29 and a 12-month high of $324.37. The stock has a 50 day simple moving average of $260.51 and a 200-day simple moving average of $208.06. 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 (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate 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, equities analysts expect that Atlassian will post -0.55 earnings per share for the current year.

Insiders Place Their Bets

In other Atlassian news, President Anutthara Bharadwaj sold 1,659 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total transaction of $407,798.79. Following the completion of the transaction, the president now owns 213,511 shares of the company’s stock, valued at $52,483,138.91. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $243.55, for a total value of $3,871,470.80. Following the completion of the sale, the chief executive officer now directly owns 429,192 shares in the company, valued at $104,529,711.60. This trade represents a 3.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 257,156 shares of company stock valued at $65,313,573 over the last quarter. Insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Hedge funds have recently modified their holdings of the company. Thrivent Financial for Lutherans acquired a new position in Atlassian in the second quarter worth $677,000. Susquehanna Fundamental Investments LLC bought a new position in Atlassian in the 2nd quarter worth approximately $407,000. Quarry LP boosted its holdings in Atlassian by 143.8% in the second quarter. Quarry LP now owns 373 shares of the technology company’s stock valued at $66,000 after acquiring an additional 220 shares during the last quarter. Truist Financial Corp raised its position in shares of Atlassian by 2.5% during the 2nd quarter. Truist Financial Corp now owns 84,358 shares of the technology company’s stock valued at $14,921,000 after acquiring an additional 2,050 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Atlassian in the second quarter worth $1,022,000. Institutional investors own 94.45% 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.