Atlassian (NASDAQ:TEAM) Hits New 1-Year High on Analyst Upgrade

Key Points

• Atlassian shares reached a new 52-week high after Truist Financial raised its price target from $185 to $250 and maintained a buy rating. The stock traded as high as $225.26, above the analyst consensus target of $211.56.
• Analyst sentiment remains broadly positive, with 25 buy ratings, four holds and one sell rating, resulting in a consensus “Moderate Buy” rating.
• Atlassian reported quarterly revenue of $1.77 billion, up 27.6% year over year, and earnings per share of $1.87, exceeding the $1.50 analyst consensus estimate. Insiders sold $3.82 million of shares over the past quarter, while institutional investors own 94.45% of the company.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) hit a new 52-week high on Wednesday after Truist Financial raised their price target on the stock from $185.00 to $250.00. Truist Financial currently has a buy rating on the stock. Atlassian traded as high as $225.26 and last traded at $224.29, with a volume of 124,117 shares traded. The stock had previously closed at $221.11.

A number of other analysts have also recently weighed in on the stock. Barclays increased their price target on shares of Atlassian from $172.00 to $222.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 13th. FBN Securities reissued an "outperform" rating and issued a $170.00 target price on shares of Atlassian in a report on Monday, August 10th. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, September 13th. Morgan Stanley increased their price objective on shares of Atlassian from $120.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Finally, Citizens Jmp reissued a "market perform" rating on shares of Atlassian in a research report on Wednesday, July 1st. Twenty-five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $211.56.

Insider Activity at Atlassian

In other Atlassian news, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 279,218 shares of the company's stock, valued at $48,151,144.10. The trade was a 3.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through 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 Atlassian stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $175.00, for a total transaction of $196,875.00. Following the transaction, the chief accounting officer owned 56,807 shares in the company, valued at $9,941,225. The trade was a 1.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 22,475 shares of company stock worth $3,822,643. Company insiders own 37.63% of the company's stock.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Activest Wealth Management grew its holdings in shares of Atlassian by 372.4% during the third quarter. Activest Wealth Management now owns 137 shares of the technology company's stock valued at $25,000 after purchasing an additional 108 shares during the last quarter. Fortitude Family Office LLC grew its position in Atlassian by 23.0% in the 3rd quarter. Fortitude Family Office LLC now owns 289 shares of the technology company's stock valued at $52,000 after buying an additional 54 shares in the last quarter. Physician Wealth Advisors Inc. boosted its holdings in shares of Atlassian by 142.4% in 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 acquired a new position in shares of Atlassian during the 2nd quarter valued at $27,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Atlassian by 139.2% during 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. Institutional investors own 94.45% of the company's stock.

Atlassian Price Performance

The company has a market cap of $56.87 billion, a price-to-earnings ratio of -1,178.65, a PEG ratio of 22.90 and a beta of 1.22. The company's 50 day moving average price is $187.39 and its 200-day moving average price is $122.60. 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 (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 EPS 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 company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. The company's quarterly revenue was up 27.6% compared to the same quarter last year. On average, equities research analysts forecast that Atlassian Corporation PLC will post 0.69 earnings per share for the current fiscal year.

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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