Atlassian (NASDAQ:TEAM) Shares Gap Up – Still a Buy?

Atlassian Corporation PLC (NASDAQ:TEAM) gapped up before the market opened on Tuesday . The stock had previously closed at $85.50, but opened at $89.11. Atlassian shares last traded at $89.1790, with a volume of 687,658 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Canaccord Genuity Group lowered their price objective on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Citigroup decreased their target price on shares of Atlassian from $160.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Morgan Stanley lowered their price objective on Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, April 16th. Wall Street Zen downgraded shares of Atlassian from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. Finally, Wolfe Research reiterated an “outperform” rating and issued a $100.00 price objective on shares of Atlassian in a research report on Thursday, March 12th. Twenty-one analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $145.26.

Atlassian Price Performance

The business has a fifty day simple moving average of $86.71 and a two-hundred day simple moving average of $95.95. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock has a market cap of $22.88 billion, a PE ratio of -108.70, a P/E/G ratio of 4.73 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating 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 quarter last year, the business posted $0.97 EPS. The firm’s revenue for the quarter was up 31.7% compared to the same quarter last year. Research analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Insiders Place Their Bets

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction on 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 transaction, the executive owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares in the company, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their position. 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. In the last quarter, insiders sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Atlassian by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock valued at $3,006,281,000 after purchasing an additional 61,706 shares in the last quarter. Baillie Gifford & Co. grew its stake in shares of Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after buying an additional 316,276 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Atlassian by 291.4% in the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after buying an additional 5,769,788 shares during the last quarter. Pictet Asset Management Holding SA increased its position in Atlassian by 27.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock valued at $343,344,000 after buying an additional 1,080,561 shares in the last quarter. Finally, Morgan Stanley raised its stake in Atlassian by 52.4% during the fourth 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 last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

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.