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

Key Points

• Truist Financial raised Atlassian’s price target from $185 to $250 and maintained a “buy” rating, implying 11.64% upside. Analysts overall rate the stock “Moderate Buy,” with an average target of $211.56.
• Atlassian reported quarterly earnings of $1.87 per share, exceeding the $1.50 consensus estimate, while revenue rose 27.6% year over year to $1.77 billion.
• Insiders sold 22,475 shares worth approximately $3.8 million over the past three months, while institutional investors continue to own a substantial 94.45% of the company.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price objective lifted by analysts at Truist Financial from $185.00 to $250.00 in a report released on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Truist Financial's price objective would indicate a potential upside of 11.64% from the stock's current price.

TEAM has been the topic of several other reports. Zacks Research lowered Atlassian from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Oppenheimer boosted their target price on Atlassian from $110.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. UBS Group set a $280.00 target price on Atlassian in a research report on Monday. Wells Fargo & Company upped their target price on Atlassian from $180.00 to $230.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 14th. Finally, BTIG Research increased their price target on shares of Atlassian from $230.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday. Twenty-five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $211.56.

Atlassian Stock Up 1.3%

Shares of NASDAQ:TEAM opened at $223.94 on Wednesday. The firm has a market capitalization of $56.83 billion, a PE ratio of -1,183.24, a price-to-earnings-growth ratio of 22.90 and a beta of 1.22. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. Atlassian has a 52-week low of $56.01 and a 52-week high of $223.70. The firm has a fifty day moving average of $187.39 and a 200 day moving average of $122.60.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the business posted $0.98 earnings per share. The company's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, research analysts anticipate that Atlassian will post 0.69 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, CFO James Chuong sold 9,054 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the transaction, the chief financial officer directly owned 279,218 shares of the company's stock, valued at approximately $48,151,144.10. This trade represents a 3.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,851 shares of Atlassian stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $319,204.95. Following the completion of the transaction, the executive owned 218,223 shares in the company, valued at approximately $37,632,556.35. This represents a 0.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 22,475 shares of company stock worth $3,822,643 over the last three months. Company insiders own 37.63% of the company's stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. Activest Wealth Management grew its position in shares of Atlassian by 372.4% in the 3rd quarter. Activest Wealth Management now owns 137 shares of the technology company's stock worth $25,000 after buying an additional 108 shares during the last quarter. Fortitude Family Office LLC raised its holdings in shares of Atlassian by 23.0% during the third quarter. Fortitude Family Office LLC now owns 289 shares of the technology company's stock valued at $52,000 after acquiring an additional 54 shares in the last quarter. Physician Wealth Advisors Inc. raised its holdings in shares of Atlassian by 142.4% during the third quarter. Physician Wealth Advisors Inc. now owns 337 shares of the technology company's stock valued at $60,000 after acquiring an additional 198 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Atlassian during the second quarter valued at approximately $27,000. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in Atlassian by 139.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company's stock worth $29,000 after acquiring an additional 220 shares during the period. 94.45% of the stock is currently owned by 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.

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