Atlassian Corporation PLC (NASDAQ:TEAM) Stock Has Average Target Price of $213.35 According to Brokerages

Key Points

• Analysts are broadly bullish on Atlassian: Twenty-four of 29 brokerages rate the stock a buy, producing a “Moderate Buy” consensus and an average 12-month price target of $213.35. Guggenheim and Oppenheimer recently raised their targets to $280 and $275, respectively.
• Atlassian reported stronger-than-expected quarterly results, with earnings of $1.87 per share versus a $1.50 consensus estimate and revenue of $1.77 billion versus $1.66 billion expected. Revenue increased 27.6% year over year.
• The stock has rallied sharply, opening at $227.61 near its 12-month high of $229.96, while institutional investors own 94.45% of shares. Insiders sold stock recently, but the transactions were made to cover tax withholding on vested equity awards.

Shares of Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) have earned an average recommendation of "Moderate Buy" from the twenty-nine brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-four have issued a buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $213.35.

Several research firms have commented on TEAM. Guggenheim upped their price objective on shares of Atlassian from $165.00 to $280.00 and gave the company a "buy" rating in a report on Monday. FBN Securities reiterated an "outperform" rating and issued a $170.00 target price on shares of Atlassian in a research note on Monday, August 10th. Oppenheimer boosted their price target on shares of Atlassian from $200.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday. BMO Capital Markets upped their price target on shares of Atlassian from $95.00 to $175.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. Finally, Royal Bank Of Canada upped their price target on shares of Atlassian from $215.00 to $235.00 and gave the company an "outperform" rating in a research note on Monday, October 12th.

Insider Buying and Selling at Atlassian

In other Atlassian news, CRO Brian Duffy sold 1,851 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $319,204.95. Following the sale, the executive owned 218,223 shares in the company, valued at $37,632,556.35. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 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 transaction, the chief financial officer directly owned 279,218 shares of the company's stock, valued at $48,151,144.10. The trade was a 3.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 22,475 shares of company stock valued at $3,822,643 in the last 90 days. 37.63% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in TEAM. Activest Wealth Management grew its holdings in Atlassian by 372.4% during the 3rd quarter. Activest Wealth Management now owns 137 shares of the technology company's stock valued at $25,000 after buying an additional 108 shares in the last quarter. Reyes Financial Architecture Inc. bought a new stake in shares of Atlassian during the third quarter valued at about $49,000. Fortitude Family Office LLC increased its position in shares of Atlassian by 23.0% during the third quarter. Fortitude Family Office LLC now owns 289 shares of the technology company's stock valued at $52,000 after buying an additional 54 shares during the period. Physician Wealth Advisors Inc. increased its position in shares of Atlassian by 142.4% during the third quarter. Physician Wealth Advisors Inc. now owns 337 shares of the technology company's stock valued at $60,000 after buying an additional 198 shares during the period. Finally, Manning & Napier Advisors LLC purchased a new stake in shares of Atlassian in the second quarter worth about $27,000. 94.45% of the stock is currently owned by institutional investors.

Atlassian Price Performance

Atlassian stock opened at $227.61 on Friday. The business's 50 day simple moving average is $191.25 and its 200 day simple moving average is $125.51. Atlassian has a 12 month low of $56.01 and a 12 month high of $229.96. The company has a market cap of $57.76 billion, a price-to-earnings ratio of -1,197.95, a PEG ratio of 23.80 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 (NASDAQ:TEAM - Get Free Report) last posted its quarterly 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. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the company earned $0.98 EPS. The firm's quarterly revenue was up 27.6% compared to the same quarter last year. Sell-side analysts forecast that Atlassian will post 0.69 EPS for the current year.

Atlassian Company Profile

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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