Atlassian (NASDAQ:TEAM) Trading Up 6.8% – Time to Buy?

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) were up 6.8% on Friday . The stock traded as high as $85.63 and last traded at $85.6150. Approximately 1,945,063 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 6,342,486 shares. The stock had previously closed at $80.15.

Analysts Set New Price Targets

A number of research firms recently commented on TEAM. BMO Capital Markets cut their price objective on Atlassian from $105.00 to $95.00 and set an “outperform” rating on the stock in a research note on Thursday, June 25th. Citizens Jmp reissued a “market perform” rating on shares of Atlassian in a research report on Wednesday, July 1st. Bank of America decreased their target price on shares of Atlassian from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a report on Friday, July 17th. Finally, Oppenheimer boosted their price target on shares of Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Twenty-one investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $138.50.

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 business has a 50 day moving average price of $89.10 and a 200-day moving average price of $89.34. The company has a market capitalization of $22.05 billion, a price-to-earnings ratio of -104.67, a P/E/G ratio of 6.08 and a beta of 1.11.

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

Insider Buying and Selling at Atlassian

In related news, CFO James Chuong sold 8,838 shares of the business’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 $775,534.50. Following the transaction, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. The trade was a 2.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive directly owned 227,691 shares in the company, valued at approximately $20,426,159.61. This represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 20,041 shares of company stock valued at $1,801,069 in the last quarter. 36.66% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. OFI Invest Asset Management increased its position in shares of Atlassian by 16.3% during the fourth quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock worth $41,273,000 after acquiring an additional 35,682 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after acquiring an additional 316,276 shares during the last quarter. Exane Asset Management lifted its position in Atlassian by 419.9% in the 4th quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock valued at $5,085,000 after acquiring an additional 25,330 shares in the last quarter. Nicholas Company Inc. lifted its position in Atlassian by 8.7% in the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock valued at $49,748,000 after acquiring an additional 24,490 shares in the last quarter. Finally, Fisher Funds Management LTD boosted its stake in Atlassian by 11.1% during the 4th quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company’s stock valued at $54,440,000 after purchasing an additional 33,485 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.