Atlassian (NASDAQ:TEAM) Given New $210.00 Price Target at Bank of America

Atlassian (NASDAQ:TEAM) had its target price boosted by stock analysts at Bank of America from $175.00 to $210.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Bank of America‘s target price would suggest a potential upside of 8.23% from the stock’s previous close.

Several other research analysts also recently issued reports on the company. Jefferies Financial Group restated a “buy” rating and set a $200.00 price objective on shares of Atlassian in a research report on Friday, August 7th. KeyCorp raised their price target on Atlassian from $115.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Zacks Research downgraded Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Wells Fargo & Company lifted their price objective on Atlassian from $140.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Wall Street Zen lowered shares of Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Twenty-five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.93.

Atlassian Price Performance

NASDAQ:TEAM traded up $3.63 during mid-day trading on Monday, hitting $194.04. 2,236,147 shares of the company’s stock traded hands, compared to its average volume of 6,192,102. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. The firm’s 50 day simple moving average is $114.90 and its 200 day simple moving average is $92.05. Atlassian has a 1 year low of $56.01 and a 1 year high of $197.30. The company has a market cap of $49.24 billion, a PE ratio of -1,021.26, a price-to-earnings-growth ratio of 14.96 and a beta of 1.05.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $0.98 earnings per share. Sell-side analysts expect that Atlassian will post 0.94 EPS for the current year.

Insider Buying and Selling

In other news, CFO James Chuong sold 9,054 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the transaction, the chief financial officer owned 279,218 shares of the company’s stock, valued at $48,151,144.10. This represents a 3.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 dated Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the transaction, the chief accounting officer owned 56,807 shares in the company, valued at approximately $9,941,225. The trade was a 1.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 30,349 shares of company stock worth $4,418,849. 36.66% 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 stock. Corient Private Wealth LP increased its position in Atlassian by 50.6% during the second quarter. Corient Private Wealth LP now owns 24,745 shares of the technology company’s stock worth $1,925,000 after purchasing an additional 8,315 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Atlassian in the 2nd quarter valued at $11,584,000. California State Teachers Retirement System grew its stake in shares of Atlassian by 7,498.4% during the 2nd quarter. California State Teachers Retirement System now owns 17,767,858 shares of the technology company’s stock valued at $1,382,162,000 after buying an additional 17,534,021 shares during the period. Wedmont Private Capital purchased a new stake in shares of Atlassian during the 2nd quarter valued at $178,000. Finally, HB Wealth Management LLC increased its holdings in shares of Atlassian by 108.1% during the 2nd quarter. HB Wealth Management LLC now owns 12,615 shares of the technology company’s stock worth $981,000 after buying an additional 6,554 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Company Profile

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.