Atlassian (NASDAQ:TEAM) Given New $300.00 Price Target at Citigroup

Atlassian (NASDAQ:TEAM) had its price target raised by equities researchers at Citigroup from $255.00 to $300.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s price target suggests a potential upside of 18.26% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Robert W. Baird upped 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. Truist Financial upgraded Atlassian from a “hold” rating to a “buy” rating and boosted their price target for the company from $250.00 to $300.00 in a report on Tuesday, January 7th. Macquarie assumed coverage on Atlassian in a research note on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price target on the stock. Canaccord Genuity Group boosted their price objective on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Wells Fargo & Company increased their target price on shares of Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $272.00.

Atlassian Stock Performance

Shares of NASDAQ:TEAM traded down $0.58 during trading on Friday, reaching $253.68. The company had a trading volume of 524,039 shares, compared to its average volume of 1,731,346. 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 firm has a market capitalization of $66.06 billion, a price-to-earnings ratio of -166.87 and a beta of 0.83. The stock’s fifty day moving average price is $256.07 and its 200 day moving average price is $201.44. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $287.97.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the business earned ($0.07) earnings per share. The company’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, equities research analysts predict that Atlassian will post -0.55 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CAO Gene Liu sold 165 shares of Atlassian stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the transaction, the chief accounting officer now directly owns 56,423 shares in the company, valued at $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $192.18, for a total value of $1,527,446.64. Following the transaction, the chief executive officer now owns 389,452 shares of the company’s stock, valued at approximately $74,844,885.36. The trade was a 2.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 270,668 shares of company stock worth $65,408,691 over the last quarter. 38.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC bought a new stake in shares of Atlassian in the 3rd quarter worth $606,000. Sequoia Financial Advisors LLC lifted its stake in Atlassian by 37.0% during the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after buying an additional 520 shares in the last quarter. Fulton Bank N.A. purchased a new stake in shares of Atlassian in the 4th quarter valued at approximately $447,000. Paloma Partners Management Co purchased a new stake in shares of Atlassian in the third quarter valued at $1,588,000. Finally, Impax Asset Management Group plc grew its holdings in shares of Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after buying an additional 31,986 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Company Profile

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.