Atlassian (NASDAQ:TEAM) Trading 8.1% Higher – Here’s What Happened

Atlassian Corporation PLC (NASDAQ:TEAM) shares traded up 8.1% on Friday . The company traded as high as $101.19 and last traded at $100.8480. 2,862,376 shares were traded during mid-day trading, a decline of 59% from the average session volume of 6,968,875 shares. The stock had previously closed at $93.29.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Guggenheim set a $115.00 price objective on shares of Atlassian in a report on Thursday, April 9th. BTIG Research increased their target price on shares of Atlassian from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. BMO Capital Markets dropped their target price on shares of Atlassian from $130.00 to $105.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. BNP Paribas Exane began coverage on shares of Atlassian in a research report on Monday, March 16th. They issued an “outperform” rating and a $95.00 target price on the stock. Finally, Canaccord Genuity Group dropped their target price on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $145.63.

Atlassian Price Performance

The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $27.31 billion, a PE ratio of -129.65, a P/E/G ratio of 6.10 and a beta of 0.90. The company’s 50-day simple moving average is $75.55 and its 200-day simple moving average is $108.19.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the firm posted $0.97 EPS. Atlassian’s revenue for the quarter was up 31.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CRO Brian Duffy sold 1,986 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $174,271.50. Following the transaction, the executive directly owned 236,841 shares of the company’s stock, valued at approximately $20,782,797.75. This trade represents a 0.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 10,891 shares of company stock worth $955,683 over the last three months. 36.66% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

Hedge funds have recently made changes to their positions in the company. MV Capital Management Inc. acquired a new stake in shares of Atlassian in the 4th quarter worth $25,000. Physician Wealth Advisors Inc. lifted its stake in shares of Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after acquiring an additional 61 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after acquiring an additional 161 shares during the period. Atlantic Union Bankshares Corp lifted its stake in shares of Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after acquiring an additional 199 shares during the period. Finally, Board of the Pension Protection Fund acquired a new stake in shares of Atlassian in the 4th quarter worth $32,000. Institutional investors and hedge funds 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.