BTIG Research Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Key Points

• BTIG Research raised Atlassian’s price target from $230 to $260 and maintained a “buy” rating, implying 21.07% upside from the stock’s reported price.
• Analyst sentiment remains positive: 25 analysts rate Atlassian a Buy, four a Hold and one a Sell, resulting in a “Moderate Buy” consensus and an average price target of $208.41.
• Atlassian exceeded quarterly expectations, reporting $1.87 in earnings per share versus a $1.50 consensus estimate and $1.77 billion in revenue, up 27.6% year over year.

Atlassian (NASDAQ:TEAM - Get Free Report) had its target price hoisted by investment analysts at BTIG Research from $230.00 to $260.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. BTIG Research's price objective suggests a potential upside of 21.07% from the stock's current price.

Other research analysts also recently issued research reports about the stock. Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, September 13th. Truist Financial upped their price target on shares of Atlassian from $160.00 to $185.00 and gave the stock a "buy" rating in a research report on Thursday, August 20th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Atlassian in a research note on Monday, June 29th. Royal Bank Of Canada lifted their price objective on shares of Atlassian from $215.00 to $235.00 and gave the company an "outperform" rating in a report on Monday, October 12th. Finally, Bank of America boosted their price objective on shares of Atlassian from $175.00 to $210.00 and gave the stock a "buy" rating in a research note on Monday, August 31st. Twenty-five analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $208.41.

Atlassian Stock Performance

Shares of Atlassian stock opened at $214.75 on Tuesday. The firm has a market cap of $54.50 billion, a P/E ratio of 207.82, a P/E/G ratio of 16.33 and a beta of 1.22. 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 $223.70. The stock's fifty day moving average price is $186.05 and its 200-day moving average price is $121.53.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the company posted $0.98 earnings per share. The firm's quarterly revenue was up 27.6% on a year-over-year basis. On average, equities research analysts expect that Atlassian will post 0.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CRO Brian Duffy sold 7,617 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the sale, the executive directly owned 220,074 shares of the company's stock, valued at approximately $35,872,062. This represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a 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 stock in a transaction dated Wednesday, August 19th. The shares were 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 approximately $9,941,225. The trade was a 1.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 22,475 shares of company stock worth $3,822,643. 37.63% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Abel Hall LLC acquired a new stake in Atlassian in the third quarter worth about $208,000. Kaufman Rossin Wealth LLC purchased a new stake in shares of Atlassian during the third quarter worth about $422,000. Frank Rimerman Advisors LLC increased its holdings in shares of Atlassian by 3.7% during the third quarter. Frank Rimerman Advisors LLC now owns 3,228 shares of the technology company's stock valued at $579,000 after acquiring an additional 115 shares in the last quarter. TD Waterhouse Canada Inc. increased its holdings in shares of Atlassian by 660.3% during the third quarter. TD Waterhouse Canada Inc. now owns 66,359 shares of the technology company's stock valued at $12,610,000 after acquiring an additional 57,631 shares in the last quarter. Finally, Banque Pictet & Cie SA acquired a new position in shares of Atlassian during the third quarter valued at about $328,000. Institutional investors 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.

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.