Truist Financial Raises Atlassian (NASDAQ:TEAM) Price Target to $250.00

Atlassian (NASDAQ:TEAM) had its price objective boosted by Truist Financial from $200.00 to $250.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective indicates a potential downside of 10.28% from the stock’s previous close.

Several other equities research analysts have also commented on TEAM. Robert W. Baird upped their price target on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. UBS Group upped their price target on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Scotiabank upped their price target on shares of Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research report on Friday, November 1st. Wells Fargo & Company upped their price target on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Jefferies Financial Group upped their price target on shares of Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $256.50.

Atlassian Price Performance

TEAM opened at $278.65 on Thursday. The stock has a 50-day moving average price of $226.93 and a 200-day moving average price of $185.86. 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 market cap of $72.57 billion, a PE ratio of -183.32 and a beta of 0.80. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the firm earned ($0.07) EPS. Atlassian’s revenue was up 21.5% on a year-over-year basis. Sell-side analysts predict that Atlassian will post -0.54 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other news, CAO Gene Liu sold 1,024 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $230,860.80. Following the completion of the sale, the chief accounting officer now directly owns 59,168 shares in the company, valued at $13,339,425.60. The trade was a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $165.03, for a total value of $1,311,658.44. Following the completion of the sale, the chief executive officer now owns 79,480 shares of the company’s stock, valued at $13,116,584.40. This trade represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 276,590 shares of company stock worth $58,284,749. 38.55% of the stock is owned by corporate insiders.

Institutional Trading of Atlassian

A number of institutional investors have recently made changes to their positions in TEAM. Dragoneer Investment Group LLC acquired a new stake in shares of Atlassian in the second quarter worth approximately $469,803,000. Point72 Asset Management L.P. boosted its stake in Atlassian by 760.5% during the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after buying an additional 617,566 shares during the last quarter. Two Sigma Advisers LP boosted its stake in Atlassian by 122.0% during the third quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock worth $159,382,000 after buying an additional 551,500 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in Atlassian during the third quarter worth $57,149,000. Finally, Parnassus Investments LLC boosted its stake in Atlassian by 322.9% during the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after buying an additional 245,286 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

About Atlassian

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.