Atlassian (NASDAQ:TEAM) Stock Price Up 6.2% – Here’s Why

Atlassian Corporation PLC (NASDAQ:TEAM) traded up 6.2% during mid-day trading on Monday . The stock traded as high as $94.40 and last traded at $94.3250. 1,038,860 shares traded hands 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

TEAM has been the topic of several recent research reports. Wells Fargo & Company decreased their price target on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 17th. KeyCorp reduced their price objective on Atlassian from $130.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. TD Cowen raised their target price on Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a report on Friday, May 1st. Cantor Fitzgerald lifted their target price on Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Finally, Morgan Stanley cut their price target on Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $144.70.

Atlassian Stock Up 7.5%

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 company’s 50-day moving average price is $88.16 and its 200 day moving average price is $93.85. The stock has a market capitalization of $24.24 billion, a P/E ratio of -114.97, a P/E/G ratio of 5.01 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last issued its earnings results 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 the consensus estimate of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. Atlassian’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.97 EPS. As a group, equities analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Insider Transactions at Atlassian

In related news, CRO Brian Duffy sold 3,000 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the sale, the executive owned 227,691 shares in the company, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO James Chuong sold 8,838 shares of Atlassian 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 $25,295,868. This trade represents a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 20,041 shares of company stock valued at $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several institutional investors and hedge funds have recently modified their holdings of TEAM. MV Capital Management Inc. bought a new position in shares of Atlassian during the fourth quarter worth $25,000. MassMutual Private Wealth & Trust FSB increased its holdings in Atlassian by 139.2% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock valued at $29,000 after acquiring an additional 220 shares during the last quarter. Western Wealth Management LLC purchased a new stake in Atlassian in the 1st quarter worth $30,000. State of Wyoming lifted 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 in the last quarter. Finally, Board of the Pension Protection Fund bought a new position in shares of Atlassian during the 4th quarter valued at about $32,000. Institutional investors own 94.45% of the company’s stock.

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.