Atlassian (NASDAQ:TEAM) Reaches New 1-Year High – Time to Buy?

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) hit a new 52-week high during trading on Friday . The stock traded as high as $185.73 and last traded at $185.62, with a volume of 6071263 shares. The stock had previously closed at $168.47.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on TEAM shares. BMO Capital Markets raised their price objective on Atlassian from $95.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Robert W. Baird set a $200.00 target price on Atlassian in a research report on Friday, August 7th. Wall Street Zen lowered Atlassian from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. KeyCorp raised their price target on Atlassian from $115.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $126.00 price objective on shares of Atlassian in a research note on Monday, August 3rd. Twenty-five investment 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. Based on data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $178.63.

Atlassian Stock Up 2.6%

The firm has a market capitalization of $48.32 billion, a PE ratio of -1,002.16, a PEG ratio of 14.96 and a beta of 1.05. The business’s 50 day simple moving average is $114.90 and its 200 day simple moving average is $92.04. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.37. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The business’s quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 EPS. On average, equities research analysts forecast that Atlassian Corporation PLC will post 0.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Brian Duffy sold 1,851 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive directly owned 218,223 shares of the company’s stock, valued at $37,632,556.35. This trade represents a 0.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the transaction, the chief financial officer 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 position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 30,349 shares of company stock valued at $4,418,849 over the last ninety days. 36.66% of the stock is owned by insiders.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. MV Capital Management Inc. purchased a new position in Atlassian during the fourth quarter worth $25,000. Geneos Wealth Management Inc. raised its stake in shares of Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after acquiring an additional 161 shares during the period. Basepoint Wealth LLC purchased a new stake in shares of Atlassian in the fourth quarter valued at $32,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Atlassian in the fourth quarter valued at $32,000. Finally, VSM Wealth Advisory LLC bought a new stake in shares of Atlassian in the 4th quarter worth about $41,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.