Atlassian (NASDAQ:TEAM – Free Report) had its price target upped by Bank of America from $175.00 to $210.00 in a research report report published on Monday,Benzinga reports. Bank of America currently has a buy rating on the technology company’s stock.
A number of other equities research analysts have also issued reports on the company. Robert W. Baird set a $200.00 price target on Atlassian in a research note on Friday, August 7th. KeyCorp boosted their price objective on Atlassian from $115.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. BMO Capital Markets upped their price objective on Atlassian from $95.00 to $175.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Atlassian in a research report on Monday, June 29th. Finally, Citigroup lifted their target price on Atlassian from $110.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Twenty-five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $181.96.
Check Out Our Latest Research Report on Atlassian
Atlassian Stock Performance
Atlassian (NASDAQ:TEAM – Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the firm earned $0.98 EPS. The company’s revenue was up 27.6% on a year-over-year basis. Equities analysts forecast that Atlassian will post 0.94 earnings per share for the current fiscal year.
Insider Buying and Selling at Atlassian
In other news, CRO Brian Duffy sold 7,617 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the transaction, the executive directly owned 220,074 shares in the company, valued at approximately $35,872,062. This represents a 3.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $175.00, for a total value of $196,875.00. Following the transaction, the chief accounting officer owned 56,807 shares of the company’s stock, valued at $9,941,225. This represents a 1.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 31,288 shares of company stock worth $4,597,259 in the last quarter. 36.66% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Atlassian
A number of hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System grew its position in Atlassian by 7,498.4% in the second quarter. California State Teachers Retirement System now owns 17,767,858 shares of the technology company’s stock worth $1,382,162,000 after acquiring an additional 17,534,021 shares in the last quarter. AQR Capital Management LLC raised its position in Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after purchasing an additional 5,769,788 shares during the period. Norges Bank bought a new stake in shares of Atlassian in the 4th quarter valued at approximately $323,526,000. Morgan Stanley lifted its stake in shares of Atlassian by 52.4% in the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after purchasing an additional 1,657,309 shares during the last quarter. Finally, Carmignac Gestion boosted its holdings in shares of Atlassian by 115.8% in the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock worth $177,707,000 after purchasing an additional 1,397,402 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.
About Atlassian
Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.
Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.
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