Atlassian (NASDAQ:TEAM) Given New $400.00 Price Target at Truist Securities

Atlassian (NASDAQ:TEAM) had its price target hoisted by Truist Securities from $270.00 to $400.00 in a research report released on Friday, Stock Target Advisor reports. Truist Securities currently has a hold rating on the technology company’s stock.

Several other brokerages also recently issued reports on TEAM. Wolfe Research started coverage on shares of Atlassian in a report on Monday, August 30th. They set an outperform rating and a $400.00 price target for the company. Mizuho lifted their price target on shares of Atlassian from $310.00 to $370.00 and gave the company a buy rating in a report on Friday, July 30th. Piper Sandler lifted their price target on shares of Atlassian from $259.00 to $308.00 and gave the company an overweight rating in a report on Friday, July 30th. Morgan Stanley boosted their target price on shares of Atlassian from $292.00 to $320.00 and gave the stock an overweight rating in a research note on Friday, July 30th. Finally, Truist boosted their target price on shares of Atlassian from $270.00 to $400.00 and gave the stock a hold rating in a research note on Friday. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Buy and an average target price of $314.11.

NASDAQ:TEAM opened at $413.94 on Friday. Atlassian has a 52 week low of $175.78 and a 52 week high of $420.23. The company has a market capitalization of $56.84 billion, a price-to-earnings ratio of -147.84, a PEG ratio of 62.83 and a beta of 0.84. The company has a 50-day moving average of $346.19 and a 200-day moving average of $273.88.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Wednesday, July 28th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.06. Atlassian had a negative net margin of 33.33% and a positive return on equity of 10.09%. The firm had revenue of $559.54 million during the quarter, compared to the consensus estimate of $521.61 million. As a group, equities research analysts predict that Atlassian will post 0.29 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pactiv General Employee Benefit Trust acquired a new position in Atlassian during the first quarter valued at approximately $26,668,000. HighTower Advisors LLC grew its holdings in Atlassian by 277.9% during the second quarter. HighTower Advisors LLC now owns 22,434 shares of the technology company’s stock valued at $5,760,000 after purchasing an additional 16,498 shares during the period. CIBC Asset Management Inc grew its holdings in Atlassian by 15.7% during the first quarter. CIBC Asset Management Inc now owns 11,910 shares of the technology company’s stock valued at $2,510,000 after purchasing an additional 1,620 shares during the period. Pinebridge Investments L.P. grew its holdings in Atlassian by 292.0% during the first quarter. Pinebridge Investments L.P. now owns 1,670 shares of the technology company’s stock valued at $352,000 after purchasing an additional 1,244 shares during the period. Finally, Cloverfields Capital Group LP grew its holdings in Atlassian by 29.4% during the first quarter. Cloverfields Capital Group LP now owns 7,608 shares of the technology company’s stock valued at $1,603,000 after purchasing an additional 1,730 shares during the period. Hedge funds and other institutional investors own 85.92% of the company’s stock.

About Atlassian

Atlassian Corp. Plc is a holding company, which engages in the design, development, license, and maintenance of software and provision software hosting services. Its products include Jira software, align, core, and Service Desk, Confluence, Trello, Bitbucket, Sourcetree, bamboo, opsgenie, and statuspage.

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Analyst Recommendations for Atlassian (NASDAQ:TEAM)

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