Atlassian (NASDAQ:TEAM) Stock Price Up 5% – Here’s What Happened

Atlassian Corporation PLC (NASDAQ:TEAM)’s share price was up 5% during trading on Tuesday . The stock traded as high as $165.90 and last traded at $166.1960. Approximately 1,956,158 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 6,285,925 shares. The stock had previously closed at $158.34.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TEAM shares. Wells Fargo & Company increased their target price on shares of Atlassian from $140.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Barclays lifted their price objective on Atlassian from $112.00 to $172.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Raymond James Financial set a $180.00 target price on Atlassian in a research report on Friday, August 7th. Bank of America upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and set a $175.00 target price on the stock in a report on Friday, August 7th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $200.00 target price on shares of Atlassian in a report on Friday, August 7th. Twenty-four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $176.27.

Atlassian Stock Performance

The stock has a market cap of $44.21 billion, a PE ratio of -917.00, a P/E/G ratio of 12.81 and a beta of 1.05. The firm’s 50-day moving average is $102.46 and its 200 day moving average is $88.51. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.70 and a current ratio of 0.78.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.37. The business had revenue of $1.77 billion during 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.98 earnings per share. As a group, research analysts anticipate that Atlassian Corporation PLC will post 0.94 EPS for the current year.

Insider Activity at Atlassian

In related news, CRO Brian Duffy sold 7,617 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the sale, the executive directly owned 220,074 shares of the company’s stock, valued at $35,872,062. This trade represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 815 shares of Atlassian stock in a transaction on Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $132,845.00. Following the completion of the transaction, the chief accounting officer owned 57,932 shares in the company, valued at approximately $9,442,916. This trade represents a 1.39% decrease in their ownership of the stock. 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 18,319 shares of company stock valued at $2,341,407 in the last 90 days. Company insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Institutional investors and hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC grew its position in Atlassian by 71.6% during the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock worth $1,153,000 after buying an additional 2,267 shares during the period. Empowered Funds LLC lifted its stake in Atlassian by 39.5% in the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock valued at $995,000 after buying an additional 1,328 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Atlassian by 32.6% in the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after acquiring an additional 1,014 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Atlassian by 447.2% during 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 last quarter. Finally, Sivia Capital Partners LLC raised its stake in Atlassian by 27.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock valued at $380,000 after purchasing an additional 404 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.