Atlassian (NASDAQ:TEAM) Reaches New 12-Month High After Analyst Upgrade

Atlassian Corporation PLC (NASDAQ:TEAM) shares hit a new 52-week high during trading on Thursday after BTIG Research raised their price target on the stock from $180.00 to $230.00. BTIG Research currently has a buy rating on the stock. Atlassian traded as high as $197.80 and last traded at $196.5030, with a volume of 279525 shares traded. The stock had previously closed at $186.44.

TEAM has been the subject of a number of other reports. Truist Financial raised their price target on Atlassian from $160.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Robert W. Baird set a $200.00 price objective on Atlassian in a research note on Friday, August 7th. Barclays increased their target price on Atlassian from $112.00 to $172.00 and gave the stock an “overweight” rating in a report on Monday, August 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a research note on Friday, July 17th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Atlassian in a report on Monday, June 29th. Twenty-five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $183.81.

Insider Buying and Selling

In related news, CRO Brian Duffy sold 7,617 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $163.00, for a total value of $1,241,571.00. Following the completion of the transaction, the executive owned 220,074 shares in the company, valued at $35,872,062. The trade was a 3.35% decrease in their position. The transaction 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, CAO Gene Liu sold 1,125 shares of the company’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 transaction, the chief accounting officer directly owned 56,807 shares in the company, valued at approximately $9,941,225. This represents a 1.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 31,288 shares of company stock worth $4,597,259 in the last quarter. Insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TEAM. MV Capital Management Inc. acquired a new position in Atlassian during the 4th quarter valued at about $25,000. Geneos Wealth Management Inc. grew its position in shares of Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after buying an additional 161 shares during the period. Basepoint Wealth LLC acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $32,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Atlassian during the fourth quarter worth approximately $32,000. Finally, VSM Wealth Advisory LLC bought a new stake in shares of Atlassian during the fourth quarter worth approximately $41,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Price Performance

The company’s fifty day moving average is $121.40 and its two-hundred day moving average is $94.17. The firm has a market capitalization of $50.15 billion, a price-to-earnings ratio of -1,040.15, a price-to-earnings-growth ratio of 14.70 and a beta of 1.15. 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 announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the firm earned $0.98 earnings per share. The business’s revenue for the quarter was up 27.6% on a year-over-year basis. Equities research analysts anticipate that Atlassian Corporation PLC will post 0.94 earnings per share for the current fiscal year.

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.