Atlassian (NASDAQ:TEAM) Given New $252.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised Atlassian’s price target to $252 from $220 while maintaining an “overweight” rating, implying 31.44% upside from the previous close.
• Analyst sentiment remains broadly positive: 23 analysts rate the stock a Buy, four rate it a Hold and one rates it a Sell, producing a consensus “Moderate Buy” rating and $216.36 average target.
• Atlassian recently exceeded quarterly expectations, reporting $1.87 in earnings per share versus a $1.50 estimate and $1.77 billion in revenue, up 27.6% year over year.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target upped by Cantor Fitzgerald from $220.00 to $252.00 in a report issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. Cantor Fitzgerald's price target indicates a potential upside of 31.44% from the stock's previous close.

Several other brokerages have also recently issued reports on TEAM. BMO Capital Markets restated an "outperform" rating and issued a $225.00 target price on shares of Atlassian in a report on Friday. Oppenheimer lifted their price target on shares of Atlassian from $200.00 to $275.00 and gave the stock an "outperform" rating in a research note on Thursday, October 22nd. Truist Financial boosted their price target on shares of Atlassian from $185.00 to $250.00 and gave the company a "buy" rating in a research report on Wednesday, October 21st. Wells Fargo & Company upped their price objective on shares of Atlassian from $230.00 to $270.00 and gave the company an "overweight" rating in a research note on Wednesday, October 28th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $200.00 price objective on shares of Atlassian in a report on Friday, August 7th. Twenty-three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus target price of $216.36.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $191.72 on Monday. The business has a 50-day moving average of $195.23 and a two-hundred day moving average of $118.22. The company has a market capitalization of $48.53 billion, a price-to-earnings ratio of -1,009.05, a price-to-earnings-growth ratio of 20.44 and a beta of 1.22. Atlassian has a 1 year low of $56.01 and a 1 year high of $229.96. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.37. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The business's quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the company earned $0.98 EPS. On average, analysts forecast that Atlassian will post 0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CRO Brian Duffy sold 1,851 shares of Atlassian stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the transaction, the executive directly owned 218,223 shares in the company, valued at $37,632,556.35. This trade represents a 0.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the transaction, the chief financial officer directly owned 279,218 shares in the company, valued at $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 22,475 shares of company stock valued at $3,822,643 in the last ninety days. Insiders own 37.63% of the company's stock.

Institutional Trading of Atlassian

Several hedge funds have recently made changes to their positions in TEAM. Carmignac Gestion boosted its holdings in Atlassian by 115.8% in the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company's stock valued at $177,707,000 after purchasing an additional 1,397,402 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Atlassian by 48.4% during the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company's stock worth $160,377,000 after buying an additional 766,922 shares in the last quarter. KBC Group NV raised its stake 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 worth $98,281,000 after buying an additional 1,359,624 shares in the last quarter. Swiss National Bank raised its stake in shares of Atlassian by 8.2% during the 1st quarter. Swiss National Bank now owns 493,267 shares of the technology company's stock worth $33,665,000 after buying an additional 37,500 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Atlassian by 111.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 469,100 shares of the technology company's stock valued at $84,105,000 after buying an additional 247,540 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

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

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