Atlassian (NASDAQ:TEAM – Free 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 %
Atlassian (NASDAQ:TEAM – Get 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
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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