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

Atlassian (NASDAQ:TEAM) was upgraded by investment analysts at Truist Financial from a “hold” rating to a “buy” rating in a report issued on Tuesday,Briefing.com Automated Import reports. The firm presently has a $300.00 target price on the technology company’s stock, up from their prior target price of $250.00. Truist Financial’s price target points to a potential upside of 17.82% from the stock’s previous close.

A number of other analysts have also issued reports on TEAM. Jefferies Financial Group boosted their price target on Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Piper Sandler upped their target price on Atlassian from $265.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday. UBS Group raised their price target on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Robert W. Baird raised their target price 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. Finally, BMO Capital Markets upped their price target on shares of Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $264.25.

Atlassian Trading Up 1.7 %

Shares of TEAM stock opened at $254.63 on Tuesday. The stock has a market capitalization of $66.31 billion, a price-to-earnings ratio of -167.52 and a beta of 0.83. Atlassian has a 12-month low of $135.29 and a 12-month high of $287.97. The stock’s 50-day moving average price is $250.65 and its 200-day moving average price is $197.58. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last released 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. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) earnings per share. Equities research analysts predict that Atlassian will post -0.54 EPS for the current fiscal year.

Insider Activity

In other news, CAO Gene Liu sold 1,024 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $230,860.80. Following the sale, the chief accounting officer now directly owns 59,168 shares of the company’s stock, valued at $13,339,425.60. The trade was a 1.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $188.79, for a total value of $143,480.40. Following the completion of the transaction, the president now owns 228,996 shares of the company’s stock, valued at $43,232,154.84. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 269,402 shares of company stock worth $62,430,857 over the last 90 days. 38.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Asset Dedication LLC lifted its holdings in shares of Atlassian by 229.8% during the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares during the period. GAMMA Investing LLC raised its position in Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares during the last quarter. True Wealth Design LLC raised its position in Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after buying an additional 231 shares during the last quarter. Reston Wealth Management LLC acquired a new stake in Atlassian during the 3rd quarter valued at approximately $48,000. Finally, Quarry LP boosted its holdings in shares of Atlassian by 143.8% in the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock valued at $66,000 after acquiring an additional 220 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.