Atlassian (NASDAQ:TEAM) Hits New 52-Week High Following Analyst Upgrade

Atlassian Corporation PLC (NASDAQ:TEAM) shares reached a new 52-week high during mid-day trading on Wednesday after Truist Financial raised their price target on the stock from $185.00 to $250.00. Truist Financial currently has a buy rating on the stock. Atlassian traded as high as $225.26 and last traded at $224.29, with a volume of 124,117 shares changing hands. The stock had previously closed at $221.11.

A number of other research firms also recently weighed in on TEAM. Citizens Jmp reaffirmed a “market perform” rating on shares of Atlassian in a research note on Wednesday, July 1st. Royal Bank Of Canada upped their price target on Atlassian from $215.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, October 12th. UBS Group set a $280.00 target price on shares of Atlassian in a research note on Monday. Wall Street Zen upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a research note on Sunday, September 13th. Finally, TD Cowen increased their target price on Atlassian from $105.00 to $145.00 and gave the stock a “hold” rating in a report on Friday, August 7th. Twenty-five analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $211.56.

Insider Activity at Atlassian

In other Atlassian news, CFO James Chuong sold 9,054 shares of the business’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 completion of the sale, the chief financial officer directly owned 279,218 shares of the company’s stock, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,851 shares of Atlassian stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $319,204.95. Following the sale, the executive directly owned 218,223 shares of the company’s stock, valued at approximately $37,632,556.35. This trade represents a 0.84% 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 sold a total of 22,475 shares of company stock valued at $3,822,643 over the last quarter. Corporate insiders own 37.63% of the company’s stock.

Institutional Trading of Atlassian

Large investors have recently bought and sold shares of the business. Fortitude Family Office LLC increased its position in shares of Atlassian by 23.0% during the third quarter. Fortitude Family Office LLC now owns 289 shares of the technology company’s stock worth $52,000 after acquiring an additional 54 shares in the last quarter. Activest Wealth Management lifted its position in Atlassian by 372.4% in the 3rd quarter. Activest Wealth Management now owns 137 shares of the technology company’s stock valued at $25,000 after acquiring an additional 108 shares in the last quarter. Frank Rimerman Advisors LLC boosted its stake in Atlassian by 3.7% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 3,228 shares of the technology company’s stock worth $579,000 after purchasing an additional 115 shares during the period. State of Wyoming boosted its stake in Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after purchasing an additional 178 shares during the period. Finally, CX Institutional increased its holdings in Atlassian by 18.0% during the 3rd quarter. CX Institutional now owns 1,248 shares of the technology company’s stock worth $224,000 after purchasing an additional 190 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Atlassian Stock Performance

The stock has a fifty day simple moving average of $187.39 and a 200-day simple moving average of $122.60. The stock has a market cap of $56.87 billion, a P/E ratio of -1,178.65, a PEG ratio of 22.90 and a beta of 1.22. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78.

Atlassian (NASDAQ:TEAM) last released 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 firm 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 company’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter last year, the business posted $0.98 EPS. On average, equities analysts expect that Atlassian Corporation PLC will post 0.69 earnings per share for the current year.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.