Atlassian (NASDAQ:TEAM) Hits New 1-Year High – Here’s What Happened

Shares of Atlassian Co. (NASDAQ:TEAM) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $274.80 and last traded at $274.80, with a volume of 22324 shares. The stock had previously closed at $268.36.

Analysts Set New Price Targets

Several research firms have recently issued reports on TEAM. Truist Financial raised their price objective on Atlassian from $160.00 to $200.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Raymond James raised their price objective on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. UBS Group raised their price objective on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Morgan Stanley raised their price objective on Atlassian from $216.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, Canaccord Genuity Group increased their target price on Atlassian from $225.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $244.21.

Atlassian Stock Performance

The firm has a 50-day simple moving average of $210.75 and a 200 day simple moving average of $181.01. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.64 by $0.13. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm’s revenue was up 21.5% compared to the same quarter last year. During the same period last year, the company posted ($0.07) earnings per share. Equities research analysts anticipate that Atlassian Co. will post -0.54 EPS for the current fiscal year.

Insider Activity

In other news, CAO Gene Liu sold 165 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total transaction of $40,563.60. Following the completion of the sale, the chief accounting officer now directly owns 56,423 shares in the company, valued at $13,871,030.32. This trade represents a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $160.97, for a total value of $1,279,389.56. Following the completion of the transaction, the chief executive officer now owns 135,116 shares of the company’s stock, valued at $21,749,622.52. This trade represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 265,642 shares of company stock worth $53,473,430 over the last ninety days. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Hedge funds have recently bought and sold shares of the company. Asset Dedication LLC grew its stake in Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares in the last quarter. Rothschild Investment LLC acquired a new position in Atlassian in the second quarter worth about $36,000. GAMMA Investing LLC grew its stake in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares in the last quarter. True Wealth Design LLC grew its stake in Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares in the last quarter. Finally, Reston Wealth Management LLC acquired a new position in Atlassian in the third quarter worth about $48,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Company Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.