Atlassian (NASDAQ:TEAM) Stock Price Up 6.8% – Still a Buy?

Atlassian Corporation PLC (NASDAQ:TEAM) traded up 6.8% during mid-day trading on Friday . The stock traded as high as $85.63 and last traded at $85.6150. 1,945,063 shares were traded during mid-day trading, a decline of 69% from the average session volume of 6,342,486 shares. The stock had previously closed at $80.15.

Analyst Upgrades and Downgrades

TEAM has been the topic of a number of research analyst reports. Wall Street Zen cut Atlassian from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research report on Friday, July 17th. Robert W. Baird set a $120.00 price target on Atlassian in a research note on Friday, May 1st. UBS Group reduced their price objective on Atlassian from $105.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Finally, Cantor Fitzgerald increased their price objective on Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Twenty-one analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and an average price target of $138.50.

Atlassian Price Performance

The stock has a market cap of $21.92 billion, a price-to-earnings ratio of -104.10, a PEG ratio of 5.97 and a beta of 1.11. The company has a 50-day moving average of $89.11 and a 200-day moving average of $89.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70.

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

Insider Buying and Selling at Atlassian

In related news, CFO James Chuong sold 8,838 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the transaction, the executive directly owned 227,691 shares in the company, valued at $20,426,159.61. This represents a 1.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 20,041 shares of company stock valued at $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TEAM. AQR Capital Management LLC boosted its holdings in Atlassian by 291.4% in the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after purchasing an additional 5,769,788 shares in the last quarter. Norges Bank purchased a new position in shares of Atlassian during the 4th quarter worth approximately $323,526,000. Morgan Stanley lifted its holdings in shares of Atlassian by 52.4% in the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after buying an additional 1,657,309 shares during the period. Carmignac Gestion boosted its stake in shares of Atlassian by 115.8% in the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after buying an additional 1,397,402 shares in the last quarter. Finally, KBC Group NV boosted its stake in shares of Atlassian by 1,691.2% in the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after buying an additional 1,359,624 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

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.