Atlassian (NASDAQ:TEAM – Free Report) had its price target increased by Cantor Fitzgerald from $175.00 to $220.00 in a research note issued to investors on Monday, Marketbeat reports. They currently have an overweight rating on the technology company’s stock.
Several other brokerages also recently commented on TEAM. Sanford C. Bernstein reissued an “outperform” rating on shares of Atlassian in a report on Monday, June 29th. FBN Securities reaffirmed an “outperform” rating and set a $170.00 price target on shares of Atlassian in a report on Monday, August 10th. BMO Capital Markets lifted their price objective on Atlassian from $95.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Barclays boosted their price objective on Atlassian from $112.00 to $172.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Finally, Truist Financial increased their target price on Atlassian from $160.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $189.89.
Read Our Latest Stock Analysis on TEAM
Atlassian Trading Up 3.4%
Atlassian (NASDAQ:TEAM – Get Free Report) last released its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The company’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.98 earnings per share. Research analysts expect that Atlassian will post 0.94 earnings per share for the current fiscal year.
Insider Activity at Atlassian
In related news, CRO Brian Duffy sold 1,851 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the completion of the transaction, the executive owned 218,223 shares in the company, valued at $37,632,556.35. The trade was a 0.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the transaction, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. This represents a 3.14% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 22,138 shares of company stock valued at $3,751,873 over the last quarter. Corporate insiders own 36.66% of the company’s stock.
Hedge Funds Weigh In On Atlassian
Large investors have recently made changes to their positions in the company. Coldstream Capital Management Inc. grew its position in shares of Atlassian by 10.7% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,588 shares of the technology company’s stock valued at $257,000 after purchasing an additional 153 shares during the last quarter. MV Capital Management Inc. acquired a new stake in Atlassian during the 4th quarter worth approximately $25,000. State of Wyoming lifted its holdings in Atlassian by 65.7% during the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after purchasing an additional 178 shares during the last quarter. Basepoint Wealth LLC bought a new stake in Atlassian in the 4th quarter valued at $32,000. Finally, Huntington National Bank boosted its stake in Atlassian by 52.3% in the 4th quarter. Huntington National Bank now owns 591 shares of the technology company’s stock valued at $96,000 after purchasing an additional 203 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.
About Atlassian
Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.
Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.
Featured Stories
- Five stocks we like better than Atlassian
- Chips to Bots: Qualcomm’s Agentic AI Breakout
- Ciena Fell 40%—Now One Analyst Sees 50% Upside
- Energy Transfer Taps the AI Power Boom
- Viking’s Obesity Edge May Be Staying Power, Not Weight Loss
Receive News & Ratings for Atlassian Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Atlassian and related companies with MarketBeat.com's FREE daily email newsletter.
