Truist Financial Cuts Atlassian (NASDAQ:TEAM) Price Target to $300.00

Atlassian (NASDAQ:TEAM) had its target price reduced by analysts at Truist Financial from $350.00 to $300.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Truist Financial’s price objective points to a potential upside of 38.63% from the company’s previous close.

Several other equities research analysts also recently commented on the company. Canaccord Genuity Group raised their target price on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a report on Friday, December 20th. Wells Fargo & Company upped their target price on shares of Atlassian from $350.00 to $375.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Scotiabank boosted their price objective on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a report on Friday, January 31st. Jefferies Financial Group lifted their target price on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Finally, Barclays lifted their price objective on Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Ten equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $310.18.

Atlassian Trading Up 2.0 %

Shares of TEAM opened at $216.41 on Monday. The stock’s fifty day simple moving average is $267.68 and its 200 day simple moving average is $239.81. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $56.70 billion, a P/E ratio of -161.50 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, equities research analysts forecast that Atlassian will post -0.34 earnings per share for the current year.

Insider Activity at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 1,723 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total transaction of $526,962.32. Following the completion of the transaction, the president now directly owns 199,934 shares in the company, valued at $61,147,814.56. This represents a 0.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $209.73, for a total transaction of $1,666,934.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 270,981 shares of company stock worth $72,069,956. 38.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased its stake in shares of Atlassian by 82.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company’s stock valued at $52,000 after buying an additional 110 shares in the last quarter. 111 Capital bought a new position in Atlassian in the 4th quarter worth approximately $465,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Atlassian by 62.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,567 shares of the technology company’s stock worth $3,059,000 after buying an additional 4,837 shares in the last quarter. Siemens Fonds Invest GmbH increased its stake in shares of Atlassian by 16.8% in the 4th quarter. Siemens Fonds Invest GmbH now owns 2,011 shares of the technology company’s stock valued at $489,000 after buying an additional 289 shares during the period. Finally, Menard Financial Group LLC acquired a new position in shares of Atlassian during the fourth quarter valued at $810,000. 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.