Truist Financial Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its price target boosted by Truist Financial from $200.00 to $250.00 in a research note published on Thursday,Benzinga reports. The firm currently has a hold rating on the technology company’s stock.

A number of other research analysts have also weighed in on the company. Wells Fargo & Company raised their price objective on Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. UBS Group boosted their price target on shares of Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Morgan Stanley upped their price objective on shares of Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Macquarie started coverage on shares of Atlassian in a research note on Thursday. They issued a “neutral” rating and a $290.00 target price on the stock. Finally, BMO Capital Markets upped their price target on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research report on Friday, November 1st. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $256.50.

Atlassian Stock Down 0.2 %

TEAM stock opened at $278.65 on Thursday. Atlassian has a 52 week low of $135.29 and a 52 week high of $287.97. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The firm has a 50-day simple moving average of $229.09 and a 200-day simple moving average of $186.77. The stock has a market capitalization of $72.57 billion, a P/E ratio of -183.32 and a beta of 0.80.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion during 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%. Atlassian’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.07) EPS. Equities analysts forecast that Atlassian will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $159.81, for a total value of $1,270,169.88. Following the transaction, the chief executive officer now directly owns 500,724 shares in the company, valued at approximately $80,020,702.44. This represents a 1.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Gene Liu sold 1,024 shares of Atlassian stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 59,168 shares of the company’s stock, valued at $13,339,425.60. This trade represents a 1.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 276,590 shares of company stock valued at $58,284,749 over the last 90 days. 38.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

Institutional investors and hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. boosted 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 during the period. State Street Corp lifted its position in shares of Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after purchasing an additional 8,957 shares in the last quarter. Dragoneer Investment Group LLC purchased a new position in shares of Atlassian in the second quarter valued at approximately $469,803,000. FMR LLC grew its holdings in shares of Atlassian by 7.4% in the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock valued at $346,679,000 after purchasing an additional 150,237 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Atlassian by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock worth $340,453,000 after buying an additional 57,911 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.