Morgan Stanley Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price objective lifted by equities research analysts at Morgan Stanley from $259.00 to $315.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s target price would suggest a potential upside of 23.56% from the company’s current price.

Several other analysts have also issued reports on the stock. Robert W. Baird boosted their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. KeyCorp upped their price objective on Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Canaccord Genuity Group upped their price target on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Piper Sandler lifted their price objective on Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Eight equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $270.65.

Atlassian Stock Up 2.0 %

Shares of NASDAQ:TEAM traded up $4.90 during trading on Thursday, reaching $254.93. 750,874 shares of the stock traded hands, compared to its average volume of 1,742,772. The stock has a 50-day moving average of $255.66 and a two-hundred day moving average of $201.07. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian has a 52-week low of $135.29 and a 52-week high of $287.97. The stock has a market cap of $66.39 billion, a P/E ratio of -167.72 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm posted ($0.07) EPS. The business’s quarterly revenue was up 21.5% compared to the same quarter last year. As a group, sell-side analysts expect that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, January 13th. The shares were sold at an average price of $236.89, for a total transaction of $1,882,801.72. Following the completion of the transaction, the chief executive officer now directly owns 421,244 shares of the company’s stock, valued at $99,788,491.16. The trade was a 1.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Gene Liu sold 1,024 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the sale, the chief accounting officer now directly owns 59,168 shares in the company, valued at approximately $13,339,425.60. This represents a 1.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 271,428 shares of company stock valued at $65,082,922 in the last three months. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TEAM. Federated Hermes Inc. purchased a new stake in shares of Atlassian in the second quarter worth approximately $444,000. J.W. Cole Advisors Inc. purchased a new position in Atlassian in the 2nd quarter worth about $281,000. Dimensional Fund Advisors LP raised its stake in shares of Atlassian by 4.1% during the second quarter. Dimensional Fund Advisors LP now owns 150,393 shares of the technology company’s stock valued at $26,597,000 after acquiring an additional 5,878 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of Atlassian by 3.5% in the 2nd quarter. Amalgamated Bank now owns 10,608 shares of the technology company’s stock worth $1,876,000 after buying an additional 363 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Atlassian by 4.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 10,389 shares of the technology company’s stock worth $1,830,000 after acquiring an additional 440 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

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.