Atlassian (NASDAQ:TEAM) Stock Price Target Raised at Oppenheimer

Key Points

• Oppenheimer raised Atlassian’s price target from $200 to $275 while maintaining an “outperform” rating, implying 21.76% upside from the prior close.
• Analyst sentiment is broadly positive: 24 analysts rate the stock a Buy, four a Hold and one a Sell, for a consensus “Moderate Buy” rating and average target of $213.35.
• Atlassian recently beat quarterly expectations, reporting $1.87 in EPS versus $1.50 expected and $1.77 billion in revenue, up 27.6% year over year.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target lifted by analysts at Oppenheimer from $200.00 to $275.00 in a report issued on Thursday, Benzinga reports. The firm presently has an "outperform" rating on the technology company's stock. Oppenheimer's target price points to a potential upside of 21.76% from the stock's previous close.

Several other equities analysts also recently commented on TEAM. TD Cowen raised their target price on Atlassian from $105.00 to $145.00 and gave the stock a "hold" rating in a research report on Friday, August 7th. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, September 13th. Guggenheim boosted their target price on shares of Atlassian from $165.00 to $280.00 and gave the company a "buy" rating in a research note on Monday. Bank of America increased their target price on shares of Atlassian from $175.00 to $210.00 and gave the stock a "buy" rating in a research report on Monday, August 31st. Finally, Citigroup lifted their price target on shares of Atlassian from $225.00 to $245.00 and gave the company a "buy" rating in a report on Tuesday. Twenty-four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $213.35.

Atlassian Stock Performance

Shares of NASDAQ TEAM traded up $0.34 during trading hours on Thursday, reaching $225.85. The stock had a trading volume of 868,365 shares, compared to its average volume of 5,593,686. The company has a market cap of $57.31 billion, a price-to-earnings ratio of -1,185.62, a PEG ratio of 23.58 and a beta of 1.22. Atlassian has a twelve month low of $56.01 and a twelve month high of $229.96. The business's fifty day moving average is $188.80 and its two-hundred day moving average is $123.70. 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 announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.37. The company had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The business's revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 EPS. As a group, research analysts expect that Atlassian will post 0.69 EPS for the current year.

Insider Transactions at Atlassian

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

Institutional Investors Weigh In On Atlassian

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pictet Asset Management Holding SA grew its stake in shares of Atlassian by 27.4% during the first quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company's stock valued at $343,344,000 after purchasing an additional 1,080,561 shares during the last quarter. Carmignac Gestion raised its position in Atlassian by 115.8% in the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company's stock worth $177,707,000 after purchasing an additional 1,397,402 shares during the last quarter. First Trust Advisors LP raised its position in Atlassian by 48.4% in the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company's stock worth $160,377,000 after purchasing an additional 766,922 shares during the last quarter. KBC Group NV raised its position in Atlassian by 1,691.2% in the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company's stock worth $98,281,000 after purchasing an additional 1,359,624 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in 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. 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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