Atlassian (NASDAQ:TEAM) Stock Price Up 3.7% – Here’s What Happened

Atlassian Corporation PLC (NASDAQ:TEAM) traded up 3.7% during mid-day trading on Wednesday . The company traded as high as $196.92 and last traded at $195.6190. Approximately 760,361 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 5,950,480 shares. The stock had previously closed at $188.65.

Analyst Ratings Changes

TEAM has been the topic of a number of analyst reports. Wells Fargo & Company lifted their target price on shares of Atlassian from $140.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. BTIG Research increased their price target on Atlassian from $180.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Cantor Fitzgerald raised their price target on Atlassian from $175.00 to $220.00 and gave the company an “overweight” rating in a report on Monday. TD Cowen boosted their price objective on Atlassian from $105.00 to $145.00 and gave the company a “hold” rating in a research report on Friday, August 7th. Finally, Morgan Stanley upped their price objective on Atlassian from $120.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Twenty-five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average target price of $189.89.

Atlassian Price Performance

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. The firm’s fifty day moving average price is $150.27 and its 200 day moving average price is $105.02. The stock has a market cap of $49.36 billion, a PE ratio of -1,022.46, a P/E/G ratio of 15.38 and a beta of 1.15.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 negative net margin of 0.82% and a positive return on equity of 20.99%. Atlassian’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 EPS. As a group, equities analysts expect that Atlassian Corporation PLC will post 0.94 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, CAO Gene Liu sold 939 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $190.00, for a total value of $178,410.00. Following the sale, the chief accounting officer directly owned 55,868 shares in the company, valued at approximately $10,614,920. The trade was a 1.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Brian Duffy sold 1,851 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $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. Over the last three months, insiders have sold 22,138 shares of company stock valued at $3,751,873. 36.66% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

A number of large investors have recently made changes to their positions in TEAM. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Atlassian by 69.4% during the first 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 last quarter. Fluent Financial LLC bought a new stake in shares of Atlassian during the 2nd quarter worth approximately $2,239,000. National Pension Service boosted its holdings in Atlassian by 15.5% during the 4th quarter. National Pension Service now owns 280,720 shares of the technology company’s stock valued at $45,516,000 after acquiring an additional 37,607 shares during the period. Arizona State Retirement System boosted its holdings in Atlassian by 6.5% during the 2nd quarter. Arizona State Retirement System now owns 48,629 shares of the technology company’s stock valued at $3,783,000 after acquiring an additional 2,969 shares during the period. Finally, Ilmarinen Mutual Pension Insurance Co grew its position in Atlassian by 164.3% in the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 92,500 shares of the technology company’s stock valued at $14,998,000 after acquiring an additional 57,500 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Company Profile

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

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