Truist Financial Forecasts Strong Price Appreciation for Atlassian (NASDAQ:TEAM) Stock

Atlassian (NASDAQ:TEAM) had its target price increased by Truist Financial from $160.00 to $200.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective indicates a potential downside of 10.85% from the stock’s previous close.

TEAM has been the subject of a number of other reports. StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a report on Friday, July 12th. Mizuho increased their target price on shares of Atlassian from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Morgan Stanley upped their price target on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, October 11th. BMO Capital Markets raised 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. Finally, Piper Sandler lifted their target price on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $224.35 on Friday. The stock’s 50 day moving average price is $173.30 and its 200 day moving average price is $171.30. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market cap of $58.34 billion, a price-to-earnings ratio of -147.60 and a beta of 0.71. Atlassian has a 12 month low of $135.29 and a 12 month high of $258.69.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative return on equity of 23.38% and a negative net margin of 8.59%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the previous year, the business earned ($0.21) EPS. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. Equities research analysts anticipate that Atlassian will post -0.58 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total value of $1,117,011.92. Following the transaction, the chief executive officer now owns 294,076 shares in the company, valued at approximately $41,329,441.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Atlassian news, CTO Rajeev Bashyam Rajan sold 5,172 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $190.00, for a total value of $982,680.00. Following the completion of the sale, the chief technology officer now owns 204,109 shares of the company’s stock, valued at $38,780,710. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total value of $1,117,011.92. Following the transaction, the chief executive officer now directly owns 294,076 shares in the company, valued at approximately $41,329,441.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 230,185 shares of company stock valued at $39,155,661 in the last three months. Corporate insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of large investors have recently added to or reduced their stakes in TEAM. Asset Dedication LLC raised its position in shares of Atlassian by 229.8% in the second 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 period. Hollencrest Capital Management raised its holdings in Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after acquiring an additional 119 shares during the period. Trust Co. of Vermont lifted its position in Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after acquiring an additional 174 shares during the last quarter. Rothschild Investment LLC bought a new stake in Atlassian during the second quarter valued at about $36,000. Finally, GAMMA Investing LLC grew its position 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 purchasing an additional 96 shares during the last quarter. Institutional investors own 93.03% 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.