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

Atlassian Corporation PLC (NASDAQ:TEAM)’s share price gapped up prior to trading on Monday . The stock had previously closed at $107.61, but opened at $114.18. Atlassian shares last traded at $111.7280, with a volume of 2,524,962 shares.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TEAM shares. Zacks Research raised shares of Atlassian from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 6th. Canaccord Genuity Group reduced their target price on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Robert W. Baird set a $120.00 target price on shares of Atlassian in a report on Friday, May 1st. Wolfe Research reissued an “outperform” rating and issued a $100.00 target price on shares of Atlassian in a report on Thursday, March 12th. Finally, Truist Financial increased their target price on shares of Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $145.63.

Atlassian Stock 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 business’s fifty day simple moving average is $76.38 and its 200-day simple moving average is $107.54. The firm has a market capitalization of $27.69 billion, a PE ratio of -131.45, a price-to-earnings-growth ratio of 6.57 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the firm posted $0.97 EPS. The company’s revenue was up 31.7% on a year-over-year basis. As a group, equities research analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Insider Buying and Selling

In other Atlassian news, CRO Brian Duffy sold 1,986 shares of the stock in a transaction that occurred 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 completion of the sale, the executive directly owned 236,841 shares of the company’s stock, valued at $20,782,797.75. This trade represents a 0.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through 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 stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This trade represents a 2.97% 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. Over the last ninety days, insiders have sold 10,891 shares of company stock valued at $955,683. Insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Atlassian by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock valued at $3,006,281,000 after purchasing an additional 61,706 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Atlassian by 3.9% in the fourth quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after purchasing an additional 316,276 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Atlassian by 291.4% in the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after purchasing an additional 5,769,788 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of Atlassian by 27.4% in 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 purchasing an additional 1,080,561 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of Atlassian by 52.4% in the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after purchasing an additional 1,657,309 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

About Atlassian

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.