Atlassian (NASDAQ:TEAM) Given New $300.00 Price Target at Truist Financial

Atlassian (NASDAQ:TEAM) had its target price decreased by analysts at Truist Financial from $350.00 to $300.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Truist Financial’s price objective points to a potential upside of 37.62% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Scotiabank lifted their price target on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a report on Friday, January 31st. JMP Securities reiterated a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. Mizuho boosted their target price on shares of Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. UBS Group raised their price target on shares of Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Finally, Raymond James reaffirmed an “outperform” rating and issued a $330.00 price objective (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Nine analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus target price of $314.50.

Atlassian Price Performance

TEAM opened at $217.99 on Monday. The company has a market capitalization of $57.11 billion, a price-to-earnings ratio of -162.68 and a beta of 0.91. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. The business’s fifty day simple moving average is $269.28 and its 200-day simple moving average is $239.11.

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 return on equity of 17.37% and a negative net margin of 7.22%. On average, equities research analysts anticipate that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $322.31, for a total value of $2,561,719.88. Following the completion of the transaction, the chief executive officer now directly owns 270,232 shares of the company’s stock, valued at approximately $87,098,475.92. The trade was a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 1,723 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total transaction of $526,962.32. Following the sale, the president now directly owns 199,934 shares in the company, valued at $61,147,814.56. The trade was a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 255,085 shares of company stock worth $68,681,246 over the last three months. Company insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in shares of Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after buying an additional 1,806,042 shares in the last quarter. State Street Corp raised its position in shares of Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock valued at $565,424,000 after buying an additional 8,957 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of Atlassian in the fourth quarter worth about $687,486,000. Invesco Ltd. boosted its position in Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after acquiring an additional 1,777,179 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Atlassian by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock worth $528,851,000 after acquiring an additional 27,899 shares during the last quarter. Institutional investors and hedge funds own 94.45% 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.