Atlassian (NASDAQ:TEAM) Stock Rating Upgraded by Truist Financial

Atlassian (NASDAQ:TEAM) was upgraded by research analysts at Truist Financial from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage currently has a $300.00 price objective on the technology company’s stock, up from their prior price objective of $250.00. Truist Financial’s price objective suggests a potential upside of 22.70% from the company’s current price.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company raised their target price on shares of Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Morgan Stanley raised their price objective on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. BMO Capital Markets upped their target price on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday, November 1st. Piper Sandler raised their price target on Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Robert W. Baird boosted their price target on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $264.25.

Atlassian Stock Performance

NASDAQ TEAM opened at $244.49 on Tuesday. The company has a fifty day moving average of $251.77 and a two-hundred day moving average of $198.18. The company has a market capitalization of $63.67 billion, a PE ratio of -160.85 and a beta of 0.83. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

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

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $243.35, for a total transaction of $1,934,145.80. Following the sale, the chief executive officer now owns 445,088 shares of the company’s stock, valued at $108,312,164.80. The trade was a 1.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 5,172 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $190.00, for a total value of $982,680.00. Following the completion of the sale, the chief technology officer now owns 204,109 shares in the company, valued at approximately $38,780,710. This represents a 2.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 277,350 shares of company stock valued at $64,990,352 in the last ninety days. 38.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TEAM. Baillie Gifford & Co. increased its holdings in Atlassian by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock valued at $1,352,115,000 after acquiring an additional 78,454 shares in the last quarter. State Street Corp grew its position in shares of Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after purchasing an additional 8,957 shares during the last quarter. Dragoneer Investment Group LLC purchased a new position in shares of Atlassian during the 2nd quarter worth approximately $469,803,000. JPMorgan Chase & Co. lifted its stake in Atlassian by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock valued at $393,588,000 after buying an additional 131,621 shares in the last quarter. Finally, FMR LLC lifted its stake in Atlassian by 7.4% in the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after buying an additional 150,237 shares in the last quarter. 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.