Truist Financial Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price objective upped by equities researchers at Truist Financial from $185.00 to $250.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Truist Financial’s price objective suggests a potential upside of 11.64% from the company’s previous close.

Other analysts have also issued reports about the stock. Oppenheimer raised their price objective on shares of Atlassian from $110.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Citizens Jmp reiterated a “market perform” rating on shares of Atlassian in a report on Wednesday, July 1st. Raymond James Financial set a $180.00 target price on Atlassian in a research report on Friday, August 7th. Royal Bank Of Canada increased their target price on Atlassian from $215.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, October 12th. Finally, BMO Capital Markets lifted their price target on Atlassian from $95.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $211.56.

Atlassian Trading Up 1.3%

Shares of TEAM opened at $223.94 on Wednesday. The firm’s 50-day moving average price is $187.39 and its 200-day moving average price is $122.60. The firm has a market capitalization of $56.83 billion, a price-to-earnings ratio of -1,183.24, a PEG ratio of 22.90 and a beta of 1.22. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian has a 1-year low of $56.01 and a 1-year high of $223.70.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the previous year, the company earned $0.98 earnings per share. Atlassian’s quarterly revenue was up 27.6% on a year-over-year basis. Sell-side analysts anticipate that Atlassian will post 0.69 EPS for the current year.

Insider Activity at Atlassian

In related news, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the transaction, the chief financial officer directly owned 279,218 shares of the company’s stock, valued at $48,151,144.10. This trade represents a 3.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the sale, the chief accounting officer directly owned 56,807 shares in the company, valued at $9,941,225. The trade was a 1.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,475 shares of company stock valued at $3,822,643 in the last three months. Company insiders own 37.63% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several large investors have recently made changes to their positions in the business. Pictet Asset Management Holding SA grew its stake in shares of Atlassian by 27.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock worth $343,344,000 after buying an additional 1,080,561 shares during the last quarter. Carmignac Gestion increased its position in Atlassian by 115.8% during the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after buying an additional 1,397,402 shares in the last quarter. First Trust Advisors LP increased its position in Atlassian by 48.4% during the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock valued at $160,377,000 after buying an additional 766,922 shares in the last quarter. KBC Group NV increased its position in Atlassian by 1,691.2% during the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after buying an additional 1,359,624 shares in the last quarter. Finally, Swiss National Bank raised its stake in Atlassian by 8.2% during the first quarter. Swiss National Bank now owns 493,267 shares of the technology company’s stock valued at $33,665,000 after buying an additional 37,500 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.