Atlassian (NASDAQ:TEAM) Trading 6.2% Higher – Here’s What Happened

Atlassian Corporation PLC (NASDAQ:TEAM) was up 6.2% during trading on Monday . The company traded as high as $94.40 and last traded at $94.3250. Approximately 1,038,860 shares were traded during trading, a decline of 84% from the average daily volume of 6,522,197 shares. The stock had previously closed at $88.86.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TEAM shares. Mizuho decreased their target price on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. BMO Capital Markets cut their price objective on shares of Atlassian from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Thursday, June 25th. Cantor Fitzgerald upped their price objective on shares of Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Canaccord Genuity Group lowered their target price on Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. Finally, UBS Group dropped their target price on Atlassian from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Twenty-one investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and an average target price of $144.70.

Atlassian Stock Down 7.4%

The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $22.61 billion, a price-to-earnings ratio of -107.33, a PEG ratio of 5.42 and a beta of 1.11. The firm’s fifty day moving average is $88.64 and its 200-day moving average is $92.88.

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

Insider Activity

In other news, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the sale, the executive directly owned 227,691 shares in the company, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. This represents a 2.97% 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. Over the last three months, insiders sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its holdings in Atlassian by 291.4% in the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after acquiring an additional 5,769,788 shares during the last quarter. Norges Bank bought a new position in shares of Atlassian during the fourth quarter valued at approximately $323,526,000. Morgan Stanley raised its position in shares of Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after purchasing an additional 1,657,309 shares during the period. Carmignac Gestion raised its position in shares of Atlassian by 115.8% during the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock worth $177,707,000 after purchasing an additional 1,397,402 shares during the period. Finally, KBC Group NV lifted its holdings in shares of Atlassian by 1,691.2% in the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock worth $98,281,000 after purchasing an additional 1,359,624 shares during the last quarter. 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.