Atlassian (NASDAQ:TEAM) Shares Gap Up Following Analyst Upgrade

Shares of Atlassian Co. (NASDAQ:TEAM) gapped up prior to trading on Friday after Canaccord Genuity Group raised their price target on the stock from $225.00 to $255.00. The stock had previously closed at $188.54, but opened at $225.45. Canaccord Genuity Group currently has a buy rating on the stock. Atlassian shares last traded at $215.66, with a volume of 2,205,672 shares trading hands.

Other analysts have also issued research reports about the stock. Baird R W lowered shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Jefferies Financial Group upped their target price on Atlassian from $240.00 to $280.00 and gave the company a “buy” rating in a research note on Friday. Piper Sandler raised their price target on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research note on Friday. Mizuho upped their price objective on shares of Atlassian from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Capital One Financial upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective on the stock in a report on Thursday, July 11th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $229.74.

Insider Buying and Selling

In other news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the sale, the president now owns 143,966 shares in the company, valued at approximately $23,482,294.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the transaction, the president now directly owns 143,966 shares of the company’s stock, valued at $23,482,294.26. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $163.81, for a total value of $1,301,961.88. Following the sale, the director now directly owns 151,012 shares in the company, valued at approximately $24,737,275.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 230,185 shares of company stock valued at $39,155,661. Company insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently made changes to their positions in TEAM. Hollencrest Capital Management raised its holdings in Atlassian by 383.9% in the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares in the last quarter. Asset Dedication LLC raised its stake in shares of Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Trust Co. of Vermont lifted its position in shares of Atlassian by 2,175.0% during the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after purchasing an additional 174 shares during the last quarter. Rothschild Investment LLC acquired a new position in Atlassian in the second quarter worth about $36,000. Finally, Edmond DE Rothschild Holding S.A. bought a new stake in Atlassian in the first quarter valued at about $40,000. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Price Performance

The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The company has a 50 day simple moving average of $172.01 and a 200-day simple moving average of $171.24. The stock has a market cap of $56.65 billion, a price-to-earnings ratio of -191.73 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the business earned ($0.21) EPS. The business’s quarterly revenue was up 20.5% on a year-over-year basis. As a group, research analysts anticipate that Atlassian Co. will post -0.58 EPS for the current fiscal year.

About Atlassian

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.