Morgan Stanley Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its target price raised 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 equities analysts also recently weighed in on the company. Mizuho upped their price target on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday. Macquarie began coverage on shares of Atlassian in a research note on Thursday, December 12th. They issued a “neutral” rating and a $290.00 target price for the company. Canaccord Genuity Group upped their price target on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Finally, UBS Group upped their target price on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $307.00.

Atlassian Trading Up 14.9 %

NASDAQ:TEAM opened at $306.78 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a 50-day moving average price of $260.51 and a 200 day moving average price of $208.06. Atlassian has a 12-month low of $135.29 and a 12-month high of $324.37.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) 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 research analysts predict that Atlassian will post -0.55 earnings per share for the current year.

Insider Buying and Selling

In other Atlassian news, CAO Gene Liu sold 445 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $230.00, for a total value of $102,350.00. Following the sale, the chief accounting officer now owns 58,723 shares in the company, valued at $13,506,290. This trade represents a 0.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $243.55, for a total value of $3,871,470.80. Following the completion of the transaction, the chief executive officer now owns 429,192 shares of the company’s stock, valued at $104,529,711.60. The trade was a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 257,156 shares of company stock valued at $65,313,573 over the last quarter. 38.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atlassian

Institutional investors and hedge funds have recently bought and sold shares of the company. 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 valued at $1,352,115,000 after buying an additional 78,454 shares during the period. State Street Corp raised its stake in shares of Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after acquiring an additional 8,957 shares during the last quarter. JPMorgan Chase & Co. grew 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 during the last quarter. FMR LLC raised its position in Atlassian by 7.4% during the 3rd 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 during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Atlassian by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock worth $340,453,000 after buying an additional 57,911 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Company Profile

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.