Atlassian (NASDAQ:TEAM) Shares Up 8.6% – Here’s Why

Atlassian Corporation PLC (NASDAQ:TEAM)’s share price was up 8.6% during trading on Thursday . The company traded as high as $180.90 and last traded at $182.8910. Approximately 959,488 shares were traded during trading, a decline of 84% from the average session volume of 6,187,105 shares. The stock had previously closed at $168.47.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Atlassian in a research note on Friday, August 7th. BMO Capital Markets raised their target price on shares of Atlassian from $95.00 to $175.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Sanford C. Bernstein restated an “outperform” rating on shares of Atlassian in a research report on Monday, June 29th. Citizens Jmp restated a “market perform” rating on shares of Atlassian in a research report on Wednesday, July 1st. Finally, Truist Financial upped their price target on shares of Atlassian from $160.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Twenty-five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $178.63.

Atlassian Trading Up 7.2%

The company’s 50 day moving average price is $110.69 and its two-hundred day moving average price is $90.71. The firm has a market cap of $45.82 billion, a PE ratio of -947.67, a P/E/G ratio of 13.08 and a beta of 1.05. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93.

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

Insider Buying and Selling at Atlassian

In other news, CAO Gene Liu sold 1,125 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total value of $196,875.00. Following the completion of the sale, the chief accounting officer owned 56,807 shares of the company’s stock, valued at $9,941,225. This trade represents a 1.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction 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 transaction, the chief financial officer 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 30,349 shares of company stock worth $4,418,849 over the last 90 days. Company insiders own 36.66% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Large investors have recently modified their holdings of the business. Nicholas Company Inc. grew its position in Atlassian by 8.7% during the fourth quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock valued at $49,748,000 after buying an additional 24,490 shares during the period. Tensor Edge Capital LLC acquired a new position in shares of Atlassian in the fourth quarter worth about $5,028,000. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Atlassian by 12.3% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 286,869 shares of the technology company’s stock worth $46,513,000 after acquiring an additional 31,324 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Atlassian by 69.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company’s stock worth $4,232,000 after acquiring an additional 25,400 shares in the last quarter. Finally, AMF Tjanstepension AB purchased a new stake in shares of Atlassian during the 4th quarter worth about $4,669,000. 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.