Atlassian Price Target Increased by UBS Group

Atlassian (NASDAQ:TEAM) saw its price target raised by UBS Group from $275.00 to $330.00 in a recent report released on Friday. This adjustment comes alongside a "neutral" rating for the company's stock, indicating a cautious stance by the analysts. The new price target suggests that there is an expected upside of approximately 8.85% based on the company's previous closing price.

Other analysts have also weighed in on Atlassian's stock in recent reports. Piper Sandler raised their price target significantly from $310.00 to $365.00 while giving the stock an "overweight" rating. Meanwhile, Scotiabank increased its target price from $250.00 to $330.00, maintaining a "sector perform" rating. Citigroup also made changes, lifting their target price from $255.00 to $300.00 and assigning a "buy" rating. Mizuho joined in by upping their price objective from $285.00 to $355.00 with an "outperform" rating. Lastly, KeyCorp increased their target from $315.00 to $365.00 and also issued an "overweight" rating. Currently, nine analysts consider Atlassian's stock as a hold, while sixteen have a buy rating, leading to a consensus rating of "Moderate Buy" with an average target price of $307.00.

Stock Performance

On Friday, Atlassian's shares climbed by 13.6%, trading up $36.22 to reach $303.17 during mid-day trading. The trading volume was notable, with 6,135,015 shares changing hands, compared to an average volume of 2,069,484. The company's debt-to-equity ratio is 0.96, while both its quick and current ratios are at 1.18. The 50-day moving average price sits at $259.32, and the 200-day moving average price is $206.76. Throughout the past year, Atlassian has experienced a low of $135.29 and a high of $324.37, and the company's market capitalization stands at $78.95 billion. Furthermore, its price-to-earnings ratio is -199.43.

Atlassian recently released its quarterly earnings report, which indicated a loss of ($0.12) earnings per share, falling short of analysts' consensus estimates of $0.73 by ($0.85). The company is projected to have a negative return on equity of 23.35% and a negative net margin of 8.59%. Analysts forecast an EPS of -0.55 for Atlassian for the current year.

Insider Activity

Recent insider activity includes the sale of 1,659 shares of Atlassian stock by President Anutthara Bharadwaj on November 19 at an average price of $245.81, totaling approximately $407,798.79. Following this transaction, Bharadwaj holds about 213,511 shares valued at around $52.48 million. In another transaction, Director Scott Farquhar sold 7,948 shares at an average price of $219.07, totaling approximately $1.74 million, reducing their ownership by 2.50%. In the past ninety days, insiders sold 257,156 shares collectively valued at $65.31 million, and corporate insiders own 38.55% of the company’s stock.

Institutional Investor Moves

Several institutional investors have adjusted their positions in Atlassian recently. For instance, Allworth Financial LP increased its stake by 3.1%, holding 1,548 shares valued at $404,000 after purchasing additional shares. GAMMA Investing LLC lifted its stake by 22.9%, acquiring a total of 290 shares valued at $71,000. Venturi Wealth Management LLC raised its stake by 4.0%, now owning 1,467 shares valued at $357,000. Other firms like J.W. Cole Advisors Inc. and Legacy Wealth Asset Management LLC have also increased their positions during the past quarters. Overall, 94.45% of Atlassian's shares are held by hedge funds and other institutional investors.

About Atlassian Corporation

Atlassian Corporation is known for designing, developing, licensing, and maintaining various software products worldwide through its subsidiaries. Its well-known products include Jira Software and Jira Work Management, which are used for project management. They allow technical and business teams to connect and manage their work effectively. Additionally, Atlassian offers Confluence, a connected workspace that organizes knowledge across teams, and Trello, which helps teams collaborate and manage their tasks.

Atlassian, Price, Rating