Atlassian (NASDAQ:TEAM) Price Target Raised to $250.00 at Truist Financial

Atlassian (NASDAQ:TEAM) had its price objective hoisted by Truist Financial from $200.00 to $250.00 in a research note released on Thursday,Benzinga reports. Truist Financial currently has a hold rating on the technology company’s stock.

Other equities research analysts have also recently issued reports about the company. BMO Capital Markets lifted their price objective on Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. Wells Fargo & Company boosted their target price on Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Mizuho increased their price target on shares of Atlassian from $200.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Raymond James boosted their price objective on shares of Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Morgan Stanley increased their target price on shares of Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $254.25.

Atlassian Price Performance

Atlassian stock opened at $279.18 on Thursday. 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 $287.97. The company’s 50-day moving average is $226.93 and its two-hundred day moving average is $185.86.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data 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 business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business posted ($0.07) earnings per share. Atlassian’s revenue was up 21.5% compared to the same quarter last year. As a group, research analysts expect that Atlassian will post -0.54 earnings per share for the current year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $165.03, for a total value of $1,311,658.44. Following the completion of the transaction, the chief executive officer now owns 79,480 shares of the company’s stock, valued at approximately $13,116,584.40. This trade represents a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total transaction of $825,000.00. Following the sale, the director now directly owns 5,610 shares in the company, valued at $1,542,750. This trade represents a 34.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 268,642 shares of company stock valued at $56,073,616. 38.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Asset Dedication LLC boosted its holdings in shares of 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 buying an additional 108 shares during the last quarter. Rothschild Investment LLC bought a new stake in Atlassian during the second quarter worth $36,000. GAMMA Investing LLC lifted its stake 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 acquiring an additional 96 shares during the last quarter. True Wealth Design LLC grew its position in shares of Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after acquiring an additional 231 shares during the period. Finally, Reston Wealth Management LLC acquired a new position in shares of Atlassian during the 3rd quarter worth about $48,000. 94.45% of the stock is currently 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.