Atlassian (NASDAQ:TEAM) Stock Price Expected to Rise, Truist Financial Analyst Says

Atlassian (NASDAQ:TEAM) had its target price boosted by equities researchers at Truist Financial from $160.00 to $200.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Truist Financial’s price target would suggest a potential downside of 10.85% from the company’s current price.

Other research analysts have also issued reports about the company. Jefferies Financial Group upped their target price on Atlassian from $240.00 to $280.00 and gave the company a “buy” rating in a research note on Friday. KeyCorp upgraded shares of Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price objective for the company in a research note on Friday. Scotiabank reduced their price objective on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a report on Friday, August 2nd. StockNews.com cut shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Finally, Raymond James upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 price target for the company in a research note on Tuesday, October 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $243.16.

Atlassian Stock Performance

NASDAQ TEAM opened at $224.35 on Friday. The company’s fifty day moving average is $173.30 and its two-hundred day moving average is $171.30. Atlassian has a 52-week low of $135.29 and a 52-week high of $258.69. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $58.34 billion, a price-to-earnings ratio of -147.60 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. Atlassian had a negative return on equity of 23.38% and a negative net margin of 8.59%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the company posted ($0.21) earnings per share. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. Equities research analysts forecast that Atlassian will post -0.58 EPS for the current year.

Insiders Place Their Bets

In other Atlassian news, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the completion of the transaction, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $193.70, for a total value of $1,539,527.60. Following the transaction, the chief executive officer now owns 429,192 shares in the company, valued at $83,134,490.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at $18,838,038.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 230,185 shares of company stock valued at $39,155,661 in the last 90 days. 38.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently modified their holdings of TEAM. Asset Dedication LLC lifted its holdings in Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after buying an additional 108 shares during the period. Hollencrest Capital Management lifted its stake in shares of Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after purchasing an additional 119 shares during the period. Trust Co. of Vermont boosted its position in shares of Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after purchasing an additional 174 shares during the last quarter. Rothschild Investment LLC acquired a new stake in shares of Atlassian during the second quarter worth $36,000. Finally, GAMMA Investing LLC increased its holdings in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. Institutional investors and hedge funds own 93.03% of the company’s stock.

Atlassian Company Profile

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.