Atlassian’s (TEAM) Buy Rating Reiterated at Truist Financial

Truist Financial reaffirmed their buy rating on shares of Atlassian (NASDAQ:TEAM) in a report released on Friday morning,Benzinga reports. Truist Financial currently has a $350.00 target price on the technology company’s stock, up from their previous target price of $300.00.

A number of other analysts also recently issued reports on TEAM. Wells Fargo & Company lifted their price objective on Atlassian from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Macquarie assumed coverage on Atlassian in a research note on Thursday, December 12th. They issued a “neutral” rating and a $290.00 price objective on the stock. KeyCorp lifted their price objective on Atlassian from $260.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $255.00 to $292.00 in a research note on Friday, January 10th. Finally, Piper Sandler lifted their price objective on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday. Nine research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $307.00.

Atlassian Stock Up 14.9 %

NASDAQ TEAM opened at $306.78 on Friday. The stock’s 50-day moving average price is $260.51 and its 200-day moving average price is $208.44. The company has a market capitalization of $79.90 billion, a P/E ratio of -201.83 and a beta of 0.83. Atlassian has a 52 week low of $135.29 and a 52 week high of $324.37. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. On average, equities research analysts predict that Atlassian will post -0.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Gene Liu sold 165 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the transaction, the chief accounting officer now directly owns 56,423 shares of the company’s stock, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $224.33, for a total value of $1,782,974.84. Following the completion of the transaction, the chief executive officer now directly owns 294,076 shares of the company’s stock, valued at approximately $65,970,069.08. The trade was a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 249,208 shares of company stock worth $63,572,404. 38.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Allworth Financial LP raised its position in shares of Atlassian by 3.1% in the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after acquiring an additional 47 shares in the last quarter. GAMMA Investing LLC increased its position in Atlassian by 22.9% during the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock valued at $71,000 after buying an additional 54 shares in the last quarter. Venturi Wealth Management LLC increased its position in Atlassian by 4.0% during the 4th quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock valued at $357,000 after buying an additional 56 shares in the last quarter. J.W. Cole Advisors Inc. increased its position in Atlassian by 1.5% during the 4th quarter. J.W. Cole Advisors Inc. now owns 3,958 shares of the technology company’s stock valued at $963,000 after buying an additional 59 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC increased its position in Atlassian by 2.1% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,428 shares of the technology company’s stock valued at $544,000 after buying an additional 70 shares in the last quarter. 94.45% of the stock is 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.