Atlassian (NASDAQ:TEAM) Given New $220.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised Atlassian’s price target from $175 to $220 while maintaining an “overweight” rating, implying 14.57% upside. Analysts overall rate the stock “Moderate Buy,” with a consensus target of $189.89.
• Atlassian reported stronger-than-expected quarterly results, posting $1.87 in EPS versus the $1.50 estimate and $1.77 billion in revenue, up 27.6% year over year.
• Shares opened at $192.02, near their 52-week high of $198.60, while institutional investors own 94.45% of the stock. Insiders have sold $3.75 million worth of shares over the past 90 days, primarily through transactions tied to tax obligations.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target lifted by Cantor Fitzgerald from $175.00 to $220.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. Cantor Fitzgerald's target price indicates a potential upside of 14.57% from the company's current price.

A number of other equities analysts also recently weighed in on TEAM. Mizuho set a $215.00 target price on shares of Atlassian in a report on Monday, September 14th. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, September 13th. Barclays upped their price target on Atlassian from $112.00 to $172.00 and gave the stock an "overweight" rating in a research note on Monday, August 10th. KeyCorp raised their price objective on Atlassian from $115.00 to $185.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Finally, Morgan Stanley lifted their price objective on Atlassian from $120.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $189.89.

Atlassian Price Performance

Shares of TEAM stock opened at $192.02 on Monday. The business's fifty day moving average is $146.29 and its 200 day moving average is $103.41. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. The stock has a market cap of $48.73 billion, a price-to-earnings ratio of -1,010.63, a PEG ratio of 15.09 and a beta of 1.15. Atlassian has a twelve month low of $56.01 and a twelve month high of $198.60.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.66 billion. During the same quarter in the previous year, the business posted $0.98 EPS. The company's quarterly revenue was up 27.6% on a year-over-year basis. Research analysts expect that Atlassian will post 0.94 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, CFO James Chuong sold 9,054 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the transaction, the chief financial officer directly owned 279,218 shares of the company's stock, valued at approximately $48,151,144.10. This represents a 3.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $175.00, for a total value of $196,875.00. Following the completion of the transaction, the chief accounting officer directly owned 56,807 shares in the company, valued at $9,941,225. This trade represents a 1.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 22,138 shares of company stock worth $3,751,873. Corporate insiders own 36.66% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank bought a new stake in Atlassian during the fourth quarter valued at about $323,526,000. Carmignac Gestion raised its stake in shares of Atlassian by 115.8% in the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company's stock worth $177,707,000 after buying an additional 1,397,402 shares during the period. KBC Group NV lifted its position in shares of Atlassian by 1,691.2% during the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company's stock valued at $98,281,000 after buying an additional 1,359,624 shares in the last quarter. Pictet Asset Management Holding SA lifted its position in shares of Atlassian by 27.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company's stock valued at $343,344,000 after buying an additional 1,080,561 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Atlassian by 1,516.7% during the 1st quarter. SG Americas Securities LLC now owns 905,629 shares of the technology company's stock valued at $61,809,000 after acquiring an additional 849,613 shares during the period. 94.45% of the stock is owned by institutional investors.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.

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