Atlassian (NASDAQ:TEAM) Stock Price Target Raised at Robert W. Baird

Key Points

• Robert W. Baird raised Atlassian’s price target from $200 to $245 and maintained an “outperform” rating, implying approximately 30.5% upside from the reported price.
• Analyst sentiment is broadly positive: 25 analysts rate the stock Buy, four Hold, and one Sell, producing a consensus “Moderate Buy” rating and an average target of $191.56.
• Atlassian reported quarterly revenue of $1.77 billion, up 27.6% year over year, and earnings per share of $1.87, exceeding the $1.50 analyst consensus.

Atlassian (NASDAQ:TEAM - Get Free Report) had its target price raised by equities researchers at Robert W. Baird from $200.00 to $245.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "outperform" rating on the technology company's stock. Robert W. Baird's price objective points to a potential upside of 30.50% from the company's current price.

Other equities research analysts also recently issued reports about the company. Citigroup lifted their price objective on Atlassian from $170.00 to $225.00 and gave the stock a "buy" rating in a report on Tuesday, September 1st. Wells Fargo & Company raised their price target on shares of Atlassian from $140.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Oppenheimer lifted their price target on shares of Atlassian from $110.00 to $200.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. Raymond James Financial set a $180.00 price objective on shares of Atlassian in a report on Friday, August 7th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Atlassian in a research report on Friday, July 17th. Twenty-five 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 MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $191.56.

Atlassian Stock Performance

TEAM stock opened at $187.74 on Monday. The stock's 50 day simple moving average is $156.23 and its 200 day simple moving average is $107.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian has a 12-month low of $56.01 and a 12-month high of $200.00. The stock has a market capitalization of $47.64 billion, a PE ratio of -988.11, a price-to-earnings-growth ratio of 14.75 and a beta of 1.15.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the company earned $0.98 EPS. The company's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, research analysts forecast that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CAO Gene Liu sold 1,125 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the sale, the chief accounting officer directly owned 56,807 shares of the company's stock, valued at $9,941,225. This trade represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Chuong sold 9,054 shares of the stock in a transaction dated 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 sale, the chief financial officer owned 279,218 shares of the company's stock, valued at $48,151,144.10. This represents a 3.14% decrease in their position. 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 22,138 shares of company stock worth $3,751,873 over the last three months. 36.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC grew its holdings in Atlassian by 61.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 13,532 shares of the technology company's stock valued at $1,053,000 after buying an additional 5,162 shares in the last quarter. MCF Advisors LLC increased its stake in Atlassian by 43.6% during the second quarter. MCF Advisors LLC now owns 8,795 shares of the technology company's stock worth $684,000 after acquiring an additional 2,669 shares during the last quarter. WINTON GROUP Ltd bought a new stake in shares of Atlassian in the 2nd quarter valued at approximately $373,000. Engineers Gate Manager LP increased its position in shares of Atlassian by 37.0% during the 2nd quarter. Engineers Gate Manager LP now owns 77,291 shares of the technology company's stock valued at $6,012,000 after purchasing an additional 20,872 shares during the last quarter. Finally, Integrated Wealth Concepts LLC boosted its stake in Atlassian by 63.3% during the second quarter. Integrated Wealth Concepts LLC now owns 21,922 shares of the technology company's stock worth $1,705,000 after buying an additional 8,500 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.