Jefferies Financial Group Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price objective lifted by Jefferies Financial Group from $280.00 to $300.00 in a research report report published on Thursday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the technology company’s stock.

A number of other equities research analysts also recently commented on TEAM. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and raised their price objective for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. BMO Capital Markets lifted their price target on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research note on Friday, November 1st. Scotiabank increased their price objective on Atlassian from $175.00 to $250.00 and gave the stock a “sector perform” rating in a research report on Friday, November 1st. Piper Sandler boosted their target price on shares of Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Finally, Robert W. Baird increased their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus price target of $244.21.

Atlassian Stock Down 4.0 %

Shares of NASDAQ:TEAM opened at $240.04 on Thursday. Atlassian has a 1-year low of $135.29 and a 1-year high of $258.69. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market cap of $62.51 billion, a P/E ratio of -157.92 and a beta of 0.71. The firm has a fifty day moving average price of $187.95 and a 200 day moving average price of $174.60.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. The business’s quarterly revenue was up 21.5% compared to the same quarter last year. Sell-side analysts predict that Atlassian will post -0.56 EPS for the current year.

Insider Transactions at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $244.84, for a total transaction of $1,945,988.32. Following the completion of the sale, the director now directly owns 270,232 shares in the company, valued at $66,163,602.88. This represents a 2.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the sale, the president now owns 143,966 shares of the company’s stock, valued at $23,482,294.26. This represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 246,248 shares of company stock worth $45,553,294 over the last ninety days. 38.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

A number of institutional investors have recently modified their holdings of the company. Financial Advocates Investment Management raised its holdings in Atlassian by 1.7% in the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock valued at $662,000 after buying an additional 62 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Atlassian by 1.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company’s stock valued at $890,000 after acquiring an additional 65 shares during the period. Legacy Wealth Asset Management LLC lifted its holdings in shares of Atlassian by 2.1% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock valued at $544,000 after acquiring an additional 70 shares in the last quarter. SkyView Investment Advisors LLC boosted its position in Atlassian by 2.1% during the 1st quarter. SkyView Investment Advisors LLC now owns 3,971 shares of the technology company’s stock worth $775,000 after purchasing an additional 80 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its position in Atlassian by 23.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after purchasing an additional 82 shares during the period. Hedge funds and other institutional investors own 93.03% of the company’s stock.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.