Truist Financial Reiterates “Buy” Rating for Atlassian (NASDAQ:TEAM)

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

Other equities research analysts also recently issued reports about the company. Morgan Stanley boosted their price target on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday. Citigroup raised their target price on shares of Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Piper Sandler boosted their target price on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday. Oppenheimer raised their price target on Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $255.00 to $292.00 in a report on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $291.05.

Atlassian Trading Up 16.8 %

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

Atlassian (NASDAQ:TEAM) last posted its 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 return on equity of 23.35% and a negative net margin of 8.59%. Analysts predict that Atlassian will post -0.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CAO Gene Liu sold 165 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total transaction of $40,563.60. Following the completion of the sale, the chief accounting officer now directly owns 56,423 shares in the company, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $219.07, for a total value of $1,741,168.36. Following the transaction, the director now owns 309,972 shares in the company, valued at approximately $67,905,566.04. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 257,156 shares of company stock worth $65,313,573. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in TEAM. Point72 Asset Management L.P. raised its holdings in Atlassian by 760.5% during the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock worth $110,972,000 after purchasing an additional 617,566 shares in the last quarter. Two Sigma Advisers LP raised its stake in shares of Atlassian by 122.0% in the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after acquiring an additional 551,500 shares during the period. Westfield Capital Management Co. LP purchased a new stake in shares of Atlassian during the third quarter valued at approximately $57,149,000. Parnassus Investments LLC increased its holdings in Atlassian by 322.9% during the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after purchasing an additional 245,286 shares during the last quarter. Finally, PointState Capital LP acquired a new position in Atlassian in the third quarter worth about $30,566,000. Hedge funds and other institutional investors own 94.45% 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.