Atlassian (NASDAQ:TEAM) Upgraded at Truist Financial

Truist Financial upgraded shares of Atlassian (NASDAQ:TEAM) from a hold rating to a buy rating in a research report report published on Tuesday, MarketBeat.com reports. They currently have $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 a number of other reports. Oppenheimer increased their price target on shares of Atlassian from $270.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday. Jefferies Financial Group increased their target price on shares of Atlassian from $280.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Mizuho raised their target price on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. UBS Group upped their price target on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Finally, KeyCorp boosted their price objective on Atlassian from $260.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Nine investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $264.25.

Atlassian Stock Performance

NASDAQ TEAM opened at $247.85 on Tuesday. The firm has a market capitalization of $64.55 billion, a P/E ratio of -163.06 and a beta of 0.83. The stock has a 50-day simple moving average of $250.65 and a two-hundred day simple moving average of $197.58. 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 fifty-two week low of $135.29 and a fifty-two week high of $287.97.

Atlassian (NASDAQ:TEAM) last announced its quarterly 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 return on equity of 23.35% and a negative net margin of 8.59%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the business earned ($0.07) earnings per share. Atlassian’s quarterly revenue was up 21.5% on a year-over-year basis. On average, equities analysts forecast that Atlassian will post -0.54 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $190.00, for a total value of $982,680.00. Following the transaction, the chief technology officer now owns 204,109 shares of the company’s stock, valued at $38,780,710. This represents a 2.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Heather Mirjahangir Fernandez sold 750 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $185.50, for a total value of $139,125.00. Following the transaction, the director now owns 10,110 shares of the company’s stock, valued at approximately $1,875,405. This represents a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 269,402 shares of company stock worth $63,056,206 in the last three months. 38.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Several large investors have recently made changes to their positions in the stock. 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. True Wealth Design LLC boosted its position in shares of Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after buying an additional 231 shares during the period. GAMMA Investing LLC grew its stake in shares of 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 buying an additional 96 shares in the last quarter. Reston Wealth Management LLC purchased a new stake in shares of Atlassian in the 3rd quarter valued at $48,000. Finally, Quarry LP boosted its holdings in Atlassian by 143.8% during the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock valued at $66,000 after acquiring an additional 220 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.