SunTrust Banks assumed coverage on shares of Atlassian (NASDAQ:TEAM) in a report issued on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $162.00 price target on the technology company’s stock. SunTrust Banks’ price target points to a potential upside of 22.85% from the stock’s current price.
TEAM has been the topic of several other reports. Bank of America reissued a “neutral” rating and set a $147.00 target price (up from $138.00) on shares of Atlassian in a research note on Friday, July 26th. Robert W. Baird boosted their target price on Atlassian from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Zacks Investment Research raised Atlassian from a “strong sell” rating to a “hold” rating in a research note on Wednesday. Jefferies Financial Group boosted their target price on Atlassian from $105.00 to $125.00 and gave the company a “hold” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Finally, KeyCorp boosted their target price on Atlassian from $142.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $139.75.
Atlassian stock traded up $3.78 during trading hours on Wednesday, reaching $131.87. The company had a trading volume of 1,832,820 shares, compared to its average volume of 1,590,904. Atlassian has a 12-month low of $65.17 and a 12-month high of $149.80. The firm has a market cap of $14.69 billion, a price-to-earnings ratio of -775.71, a P/E/G ratio of 90.02 and a beta of 1.31. The company has a 50-day moving average price of $133.29 and a 200 day moving average price of $127.29.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Financial Designs Inc. ADV bought a new stake in shares of Atlassian during the second quarter valued at approximately $26,000. Captrust Financial Advisors boosted its position in shares of Atlassian by 233.3% during the second quarter. Captrust Financial Advisors now owns 300 shares of the technology company’s stock valued at $39,000 after purchasing an additional 210 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of Atlassian during the second quarter valued at approximately $41,000. CWM LLC bought a new stake in shares of Atlassian during the second quarter valued at approximately $43,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Atlassian by 1,870.0% during the second quarter. Tower Research Capital LLC TRC now owns 394 shares of the technology company’s stock valued at $52,000 after purchasing an additional 374 shares in the last quarter. Institutional investors own 87.20% of the company’s stock.
Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. It provides project tracking, content creation and sharing, and service management products. The company's products include JIRA, a workflow management system that enables teams to plan, organize, track, and manage their work and projects; Confluence, a content collaboration platform that is used to create, share, organize, and discuss projects; and Trello, a Web-based project management application for capturing and adding structure to fluid, fast-forming work for teams.
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