Atlassian (TEAM) stock hit a 52-week high of $184.22 on Wednesday, trading around $184.13 with a market cap of $46.45 billion. The stock is up roughly 7% on the day and has surged 124% over the past six months.
The move comes after Atlassian posted a strong fiscal Q4, reporting adjusted EPS of $1.87 against a consensus estimate of $1.50. Revenue hit $1.77 billion, topping forecasts of $1.66 billion and marking 28% year-over-year growth.
Cloud revenue was a standout, growing 31% to $1.21 billion. Remaining performance obligations jumped 44% to $4.8 billion, a figure that points to strong forward demand.
The quarter also marked Atlassian’s first GAAP operating profit in over two years, with a 12% operating margin. That milestone got attention from Wall Street.
Royal Bank of Canada upgraded Atlassian to “Moderate Buy” on Tuesday, the latest in a string of positive analyst moves. Truist Financial raised its target from $160 to $185 and kept a Buy rating. Jefferies set a $200 target. BMO Capital Markets bumped its objective from $95 to $175 with an Outperform rating.
Bank of America upgraded the stock to Buy and lifted its target to $175. FBN Securities raised its target to $170 with an Outperform. Robert W. Baird set a $200 target.
Not everyone is bullish. TD Cowen holds a Hold rating with a $145 target, and Zacks downgraded the stock to Hold back in June.
Still, 25 analysts rate TEAM a Buy, four say Hold, and one has a Sell. The consensus target is $178.63.
InvestingPro notes the stock is currently trading below its estimated Fair Value, with 21 analysts revising earnings estimates upward recently.
Institutional investors hold 94.45% of the stock. California State Teachers Retirement System increased its stake by over 7,000% in Q2, adding more than 17.5 million units valued at roughly $1.38 billion.
AQR Capital Management lifted its position by 291% in Q4. Morgan Stanley grew its holdings by 52.4% in the same period. Norges Bank took a new position worth approximately $323 million.
On the insider side, CRO Brian Duffy sold 7,617 units on August 14 at $163.00, reducing his stake by 3.35%. CFO James Chuong sold 9,054 units on August 19 at $172.45. Both sales were made to cover tax obligations on vested equity awards.
CEO Mike Cannon-Brookes has backed the company with a personal $250 million purchase plan, a move that has drawn attention from analysts including TD Cowen.
The stock’s 50-day moving average sits at $110.69 and the 200-day at $90.71, both well below current trading levels. Its 52-week low was $56.01.
The post Atlassian (TEAM) Stock Hits 52-Week High as Analysts Raise Price Targets After Q4 Beat appeared first on CoinCentral.
