Atlassian (NASDAQ:TEAM) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a report issued on Tuesday, MarketBeat.com reports. Truist Financial currently has $300.00 price target on the technology company’s stock, up from their prior price target of $250.00.

TEAM has been the topic of several other reports. Jefferies Financial Group raised their price objective on Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, November 14th. KeyCorp lifted their price target on shares of Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. BMO Capital Markets increased their price objective on shares of Atlassian from $177.00 to $255.00 and gave the company a “market perform” rating in a report on Friday, November 1st. Robert W. Baird boosted their target price on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Finally, Piper Sandler raised their price target on shares of Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday. Nine analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $264.25.

Atlassian Stock Performance

TEAM opened at $244.49 on Tuesday. The firm has a market capitalization of $63.67 billion, a PE ratio of -160.85 and a beta of 0.83. Atlassian has a 12-month low of $135.29 and a 12-month high of $287.97. The firm has a 50 day moving average of $252.85 and a two-hundred day moving average of $198.51. 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 released its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm’s revenue was up 21.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.07) earnings per share. On average, analysts anticipate that Atlassian will post -0.54 EPS for the current year.

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were 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 owns 228,996 shares in the company, valued at $43,232,154.84. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $189.96, for a total transaction of $1,509,802.08. Following the sale, the director now owns 413,296 shares of the company’s stock, valued at $78,509,708.16. This represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 263,480 shares of company stock worth $62,377,979 in the last 90 days. Insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently made changes to their positions in TEAM. Asset Dedication LLC boosted its position in shares of Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares during the period. GAMMA Investing LLC boosted its position in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares during the period. True Wealth Design LLC boosted its position in shares of Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares during the period. Reston Wealth Management LLC purchased a new position in shares of Atlassian during the 3rd quarter worth approximately $48,000. Finally, Quarry LP boosted its position in shares of Atlassian by 143.8% during the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the period. Hedge funds and other 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.