Canaccord Genuity Group Raises Atlassian (NASDAQ:TEAM) Price Target to $225.00

by · The Markets Daily

Atlassian (NASDAQ:TEAM – Free Report) had its target price increased by Canaccord Genuity Group from $200.00 to $225.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

TEAM has been the subject of a number of other research reports. BMO Capital Markets decreased their target price on shares of Atlassian from $220.00 to $177.00 and set a market perform rating for the company in a research report on Friday, August 2nd. Oppenheimer reissued an outperform rating and set a $230.00 target price on shares of Atlassian in a research report on Monday, September 23rd. Raymond James raised shares of Atlassian from a market perform rating to an outperform rating and set a $200.00 target price for the company in a research report on Tuesday, October 1st. Scotiabank decreased their target price on shares of Atlassian from $210.00 to $175.00 and set a sector perform rating for the company in a research report on Friday, August 2nd. Finally, Wells Fargo & Company decreased their target price on shares of Atlassian from $285.00 to $250.00 and set an overweight rating for the company in a research report on Friday, June 21st. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $216.29.

Check Out Our Latest Analysis on TEAM

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $187.06 on Thursday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian has a 12 month low of $135.29 and a 12 month high of $258.69. The stock has a 50-day moving average price of $159.83 and a two-hundred day moving average price of $171.99.

Atlassian (NASDAQ:TEAM – Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the firm posted ($0.21) earnings per share. The firm’s revenue was up 20.5% compared to the same quarter last year. As a group, equities research analysts expect that Atlassian will post -0.58 EPS for the current year.

Insider Buying and Selling

In related news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total value of $1,117,011.92. Following the transaction, the chief executive officer now directly owns 294,076 shares in the company, valued at $41,329,441.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the transaction, the chief technology officer now directly owns 128,957 shares in the company, valued at $18,838,038.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total value of $1,117,011.92. Following the completion of the transaction, the chief executive officer now owns 294,076 shares in the company, valued at approximately $41,329,441.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 238,133 shares of company stock worth $39,405,557 in the last ninety days. Corporate insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Atlassian by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock valued at $3,039,287,000 after acquiring an additional 221,650 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Atlassian by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after acquiring an additional 904,138 shares in the last quarter. Dragoneer Investment Group LLC bought a new position in Atlassian during the 2nd quarter valued at $469,803,000. Capital International Investors increased its position in shares of Atlassian by 6.3% during the 1st quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock valued at $475,399,000 after purchasing an additional 144,117 shares during the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of Atlassian by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock valued at $404,059,000 after purchasing an additional 130,253 shares during the last quarter. 93.03% of the stock is currently owned by institutional investors.

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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