Atlassian (NASDAQ:TEAM) Trading Up 8.6% – Here’s What Happened

Atlassian Corporation PLC (NASDAQ:TEAM) was up 8.6% on Thursday . The stock traded as high as $180.90 and last traded at $182.8910. 959,488 shares traded hands during trading, a decline of 84% from the average session volume of 6,187,105 shares. The stock had previously closed at $168.47.

Analysts Set New Price Targets

A number of research analysts have weighed in on TEAM shares. Royal Bank Of Canada started coverage on shares of Atlassian in a research report on Tuesday. They set an “outperform” rating and a $215.00 price target on the stock. Barclays upped 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $126.00 price objective on shares of Atlassian in a research note on Monday, August 3rd. UBS Group raised their target price on Atlassian from $95.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Finally, Citizens Jmp reiterated a “market perform” rating on shares of Atlassian in a research report on Wednesday, July 1st. Twenty-five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $178.63.

Atlassian Trading Up 2.6%

The company has a market capitalization of $48.32 billion, a P/E ratio of -1,002.16, a price-to-earnings-growth ratio of 14.59 and a beta of 1.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The company has a fifty day simple moving average of $114.90 and a two-hundred day simple moving average of $92.04.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The firm’s revenue was up 27.6% compared to the same quarter last year. During the same period last year, the business posted $0.98 earnings per share. On average, analysts forecast that Atlassian Corporation PLC will post 0.94 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In related news, CRO Brian Duffy sold 7,617 shares of Atlassian stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the sale, the chief financial officer directly owned 279,218 shares in the company, valued at $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 30,349 shares of company stock worth $4,418,849 over the last three months. Company insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Nicholas Company Inc. lifted its holdings in Atlassian by 8.7% during the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock worth $49,748,000 after buying an additional 24,490 shares in the last quarter. Tensor Edge Capital LLC bought a new position in Atlassian during the 4th quarter worth approximately $5,028,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of Atlassian by 69.4% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company’s stock valued at $4,232,000 after buying an additional 25,400 shares during the period. AMF Tjanstepension AB acquired a new stake in shares of Atlassian during the fourth quarter worth about $4,669,000. Finally, Fluent Financial LLC acquired a new position in shares of Atlassian in the second quarter valued at approximately $2,239,000. 94.45% of the stock is owned by institutional investors.

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.