Atlassian (NASDAQ:TEAM) Reaches New 52-Week High on Analyst Upgrade

Atlassian Corporation PLC (NASDAQ:TEAM)’s stock price reached a new 52-week high during trading on Tuesday after Cantor Fitzgerald raised their price target on the stock from $175.00 to $220.00. Cantor Fitzgerald currently has an overweight rating on the stock. Atlassian traded as high as $200.00 and last traded at $191.21, with a volume of 222069 shares traded. The stock had previously closed at $195.67.

Several other brokerages have also recently issued reports on TEAM. BTIG Research upped their price objective on Atlassian from $180.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. FBN Securities reissued an “outperform” rating and issued a $170.00 target price on shares of Atlassian in a report on Monday, August 10th. Citigroup boosted their price target on shares of Atlassian from $170.00 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, September 1st. TD Cowen upped their price target on shares of Atlassian from $105.00 to $145.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Finally, Oppenheimer lifted their price objective on shares of Atlassian from $110.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $189.89.

Insider Activity at Atlassian

In other news, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the sale, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. This trade represents a 3.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 the business’s 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 sale, the chief accounting officer directly owned 56,807 shares of the company’s stock, valued at $9,941,225. This represents a 1.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,138 shares of company stock worth $3,751,873 in the last quarter. 36.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Atlassian

Several large investors have recently added to or reduced their stakes in TEAM. Pictet Asset Management Holding SA raised its stake in shares of Atlassian by 27.4% during the first quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock valued at $343,344,000 after acquiring an additional 1,080,561 shares in the last quarter. Carmignac Gestion increased its holdings in Atlassian by 115.8% during the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock worth $177,707,000 after purchasing an additional 1,397,402 shares during the period. Geode Capital Management LLC increased its holdings in Atlassian by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 2,465,854 shares of the technology company’s stock worth $398,417,000 after purchasing an additional 67,185 shares during the period. First Trust Advisors LP raised its position in Atlassian by 48.4% during the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock valued at $160,377,000 after purchasing an additional 766,922 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Atlassian in the 4th quarter worth $323,526,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Down 3.1%

The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. The company has a fifty day simple moving average of $148.28 and a two-hundred day simple moving average of $104.24. The firm has a market capitalization of $48.11 billion, a PE ratio of -997.22, a PEG ratio of 15.09 and a beta of 1.15.

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

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.