Atlassian (NASDAQ:TEAM) Given New $270.00 Price Target at Wells Fargo & Company

Atlassian (NASDAQ:TEAM) had its target price boosted by stock analysts at Wells Fargo & Company from $230.00 to $270.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 21.32% from the company’s previous close.

TEAM has been the subject of several other reports. Guggenheim upped their price target on shares of Atlassian from $165.00 to $280.00 and gave the company a “buy” rating in a research report on Monday, October 19th. FBN Securities reiterated an “outperform” rating and set a $170.00 price target on shares of Atlassian in a report on Monday, August 10th. UBS Group set a $280.00 price objective on shares of Atlassian in a research note on Monday, October 19th. Truist Financial increased their price objective on Atlassian from $185.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Finally, KeyCorp increased their price objective on Atlassian from $185.00 to $235.00 and gave the company an “overweight” rating in a report on Monday, October 19th. Twenty-four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $214.88.

Atlassian Stock Performance

Shares of Atlassian stock traded up $3.13 on Wednesday, hitting $222.54. The stock had a trading volume of 381,066 shares, compared to its average volume of 5,521,487. The stock has a 50 day moving average of $193.15 and a 200 day moving average of $117.35. Atlassian has a twelve month low of $56.01 and a twelve month high of $229.96.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.50 by $0.37. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the business earned $0.98 earnings per share. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. On average, equities research analysts predict that Atlassian will post 0.69 earnings per share for the current year.

Insider Transactions at Atlassian

In related news, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the sale, the chief financial officer owned 279,218 shares of the company’s stock, valued at approximately $48,151,144.10. This trade represents a 3.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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, CRO Brian Duffy sold 7,617 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the sale, the executive owned 220,074 shares of the company’s stock, valued at $35,872,062. This trade represents a 3.35% 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 have sold 22,475 shares of company stock valued at $3,822,643 over the last ninety days. 37.63% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Atlassian by 69.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company’s stock valued at $4,232,000 after purchasing an additional 25,400 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Atlassian by 6.5% in the second quarter. Arizona State Retirement System now owns 48,629 shares of the technology company’s stock worth $3,783,000 after purchasing an additional 2,969 shares during the last quarter. Fluent Financial LLC purchased a new stake in shares of Atlassian in the second quarter worth approximately $2,239,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Atlassian in the second quarter worth approximately $11,584,000. Finally, IFP Advisors Inc lifted its holdings in shares of Atlassian by 76.0% in the second quarter. IFP Advisors Inc now owns 9,428 shares of the technology company’s stock valued at $733,000 after purchasing an additional 4,071 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.