Atlassian (NASDAQ:TEAM) Raised to Buy at 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 brokerage currently has a $300.00 price target on the technology company’s stock, up from their previous price target of $250.00. Truist Financial’s price objective suggests a potential upside of 17.82% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Raymond James upped their price objective 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. Macquarie began coverage on Atlassian in a report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price target for the company. BMO Capital Markets raised their price objective on Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday, November 1st. UBS Group boosted their price objective on Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Finally, Canaccord Genuity Group increased their target price on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Nine analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $264.25.

Atlassian Stock Up 1.7 %

Shares of TEAM stock opened at $254.63 on Tuesday. Atlassian has a twelve month low of $135.29 and a twelve month high of $287.97. The stock has a market cap of $66.31 billion, a P/E ratio of -167.52 and a beta of 0.83. The stock has a 50 day moving average of $250.65 and a 200 day moving average of $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 posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the firm earned ($0.07) EPS. The business’s quarterly revenue was up 21.5% on a year-over-year basis. As a group, sell-side analysts expect that Atlassian will post -0.54 EPS for the current year.

Insider Buying and Selling

In other Atlassian news, CAO Gene Liu sold 1,024 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $230,860.80. Following the transaction, the chief accounting officer now directly owns 59,168 shares in the company, valued at $13,339,425.60. The trade was a 1.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $278.79, for a total transaction of $2,215,822.92. Following the sale, the chief executive officer now owns 135,116 shares of the company’s stock, valued at $37,668,989.64. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 269,402 shares of company stock worth $62,430,857. 38.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in Atlassian by 22.9% in the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock valued at $71,000 after buying an additional 54 shares during the last quarter. Legacy Wealth Asset Management LLC raised its stake in shares of 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 acquiring an additional 70 shares during the period. Brown Brothers Harriman & Co. lifted its holdings in shares of Atlassian by 23.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after acquiring an additional 82 shares during the last quarter. Commerce Bank boosted its position in shares of Atlassian by 1.8% during the 3rd quarter. Commerce Bank now owns 4,966 shares of the technology company’s stock worth $789,000 after purchasing an additional 90 shares during the period. Finally, Asset Dedication LLC increased its holdings in Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after purchasing an additional 108 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other 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.