Atlassian (NASDAQ:TEAM) Upgraded at Truist Financial

Atlassian (NASDAQ:TEAM) was upgraded by equities researchers at Truist Financial from a “hold” rating to a “buy” rating in a report released on Tuesday, MarketBeat.com reports. The brokerage 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 objective would indicate a potential upside of 22.70% from the stock’s current price.

A number of other research analysts also recently commented on TEAM. BMO Capital Markets upped their price objective on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a research note on Friday, November 1st. Macquarie began coverage on shares of Atlassian in a research report on Thursday, December 12th. They set a “neutral” rating and a $290.00 price target for the company. Oppenheimer lifted their price target on shares of Atlassian from $270.00 to $300.00 and gave the company an “outperform” rating in a report on Monday. Morgan Stanley upped their price objective on Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, Piper Sandler boosted their price target on Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday. Nine investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $264.25.

Atlassian Stock Performance

Shares of TEAM opened at $244.49 on Tuesday. The company has a market capitalization of $63.67 billion, a price-to-earnings ratio of -160.85 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian has a 1 year low of $135.29 and a 1 year high of $287.97. The company’s 50 day simple moving average is $251.77 and its 200 day simple moving average is $198.18.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.13. The business had revenue of $1.19 billion for 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 quarter last year, the firm earned ($0.07) earnings per share. On average, sell-side analysts predict that Atlassian will post -0.54 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, Director Heather Mirjahangir Fernandez sold 750 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $185.50, for a total transaction of $139,125.00. Following the transaction, the director now directly owns 10,110 shares in the company, valued at $1,875,405. This represents a 6.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $188.79, for a total transaction of $143,480.40. Following the completion of the sale, the president now directly owns 228,996 shares of the company’s stock, valued at $43,232,154.84. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 277,350 shares of company stock valued at $64,990,352 in the last ninety days. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently bought and sold shares of the company. Fulton Bank N.A. acquired a new stake in Atlassian during the fourth quarter valued at approximately $447,000. Park National Corp OH bought a new stake in shares of Atlassian in the 4th quarter valued at approximately $206,000. Diversified Trust Co raised its position in shares of Atlassian by 23.2% during the 4th quarter. Diversified Trust Co now owns 14,881 shares of the technology company’s stock valued at $3,622,000 after acquiring an additional 2,799 shares in the last quarter. Nordea Investment Management AB lifted its stake in Atlassian by 20.1% during the fourth quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company’s stock worth $7,458,000 after purchasing an additional 5,088 shares during the last quarter. Finally, Everence Capital Management Inc. acquired a new position in Atlassian in the fourth quarter worth $1,185,000. 94.45% of the stock is currently 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.