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

Atlassian (NASDAQ:TEAMFree Report) had its target price lifted by Morgan Stanley from $315.00 to $370.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other research analysts also recently issued reports on the stock. Macquarie began coverage on shares of Atlassian in a research report on Thursday, December 12th. They set a “neutral” rating and a $290.00 target price on the stock. UBS Group upped their price objective on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Mizuho raised their price objective on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday. Piper Sandler raised their price objective on shares of Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Oppenheimer raised their price objective on shares of Atlassian from $270.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $307.00.

Read Our Latest Analysis on Atlassian

Atlassian Stock Up 14.9 %

Shares of NASDAQ TEAM opened at $306.78 on Friday. The company has a market capitalization of $79.90 billion, a P/E ratio of -201.83 and a beta of 0.83. Atlassian has a 52-week low of $135.29 and a 52-week high of $324.37. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The company’s 50 day moving average price is $260.51 and its 200-day moving average price is $208.44.

Atlassian (NASDAQ:TEAMGet Free Report) last released its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. Equities analysts forecast that Atlassian will post -0.55 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 15,896 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the completion of the sale, the chief executive officer now owns 429,192 shares in the company, valued at approximately $104,529,711.60. This trade represents a 3.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $270.63, for a total transaction of $2,150,967.24. Following the completion of the transaction, the director now owns 333,816 shares of the company’s stock, valued at $90,340,624.08. The trade was a 2.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 249,208 shares of company stock worth $63,572,404. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several large investors have recently modified their holdings of the business. Baillie Gifford & Co. increased its stake in shares of Atlassian by 0.9% in the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after purchasing an additional 78,454 shares in the last quarter. State Street Corp increased its stake in shares of Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after purchasing an additional 8,957 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Atlassian by 5.6% in the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after purchasing an additional 131,621 shares in the last quarter. FMR LLC increased its stake in shares of Atlassian by 7.4% in the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after purchasing an additional 150,237 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Atlassian by 2.8% in the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock valued at $340,453,000 after acquiring an additional 57,911 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

(Get Free Report)

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.

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Analyst Recommendations for Atlassian (NASDAQ:TEAM)

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