Truist Financial Reaffirms Buy Rating for Atlassian (NASDAQ:TEAM)

Atlassian (NASDAQ:TEAM)‘s stock had its “buy” rating reiterated by analysts at Truist Financial in a report issued on Friday,Benzinga reports. They presently have a $350.00 price target on the technology company’s stock, up from their prior price target of $300.00. Truist Financial’s target price points to a potential upside of 12.27% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Robert W. Baird increased their price objective 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. Raymond James raised their target price on shares of Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Oppenheimer lifted their price objective on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Wells Fargo & Company boosted their target price on shares of Atlassian from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Jefferies Financial Group upped their price objective on shares of Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Nine analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $291.05.

Atlassian Stock Up 16.8 %

NASDAQ TEAM traded up $44.80 during trading hours on Friday, reaching $311.75. 3,827,159 shares of the company’s stock traded hands, compared to its average volume of 1,944,244. Atlassian has a 52-week low of $135.29 and a 52-week high of $324.37. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a 50-day simple moving average of $259.32 and a 200 day simple moving average of $206.76. The firm has a market cap of $81.19 billion, a PE ratio of -205.70 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. Sell-side analysts anticipate that Atlassian will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, Director Heather Mirjahangir Fernandez sold 3,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total transaction of $825,000.00. Following the completion of the transaction, the director now directly owns 5,610 shares in the company, valued at $1,542,750. This represents a 34.84 % 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 15,896 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the transaction, the chief executive officer now owns 429,192 shares in the company, valued at $104,529,711.60. The trade was a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 257,156 shares of company stock valued at $65,313,573. 38.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in shares of Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Atlassian by 22.9% during the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after buying an additional 54 shares during the period. J.W. Cole Advisors Inc. grew its holdings in Atlassian by 1.5% in the 4th quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock valued at $963,000 after buying an additional 59 shares in the last quarter. Legacy Wealth Asset Management LLC boosted its holdings in Atlassian by 2.1% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock valued at $544,000 after purchasing an additional 70 shares during the period. Finally, Brown Brothers Harriman & Co. grew its position in Atlassian by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after buying an additional 82 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

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.