Atlassian (NASDAQ:TEAM) Reaches New 52-Week High – Should You Buy?

Shares of Atlassian Co. (NASDAQ:TEAM) reached a new 52-week high during trading on Friday . The company traded as high as $259.35 and last traded at $259.27, with a volume of 942608 shares traded. The stock had previously closed at $253.97.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on TEAM shares. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and upped their price target for the company from $200.00 to $230.00 in a research note on Friday, August 2nd. Canaccord Genuity Group upped their target price on Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, November 1st. UBS Group lifted their price target on Atlassian from $180.00 to $205.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Morgan Stanley increased their price objective on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Robert W. Baird lifted their target price on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $244.21.

Atlassian Stock Performance

The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market capitalization of $67.86 billion, a PE ratio of -171.43 and a beta of 0.71. The firm’s 50 day moving average price is $196.47 and its 200-day moving average price is $177.03.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the firm posted ($0.07) EPS. Atlassian’s quarterly revenue was up 21.5% compared to the same quarter last year. On average, research analysts expect that Atlassian Co. will post -0.56 EPS for the current year.

Insiders Place Their Bets

In other news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on 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 of the company’s stock, valued at $24,737,275.72. The trade was a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the sale, the president now owns 143,966 shares of the company’s stock, valued at $23,482,294.26. The trade was a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 257,694 shares of company stock worth $49,012,774. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Asset Dedication LLC lifted its stake in shares of Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares in the last quarter. Trust Co. of Vermont lifted its stake in Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after purchasing an additional 174 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of Atlassian during the 2nd quarter worth approximately $36,000. GAMMA Investing LLC grew its position in shares of Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares in the last quarter. Finally, True Wealth Design LLC increased its holdings in shares of Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after purchasing an additional 231 shares during the last quarter. Institutional investors and hedge funds own 93.03% of the company’s stock.

Atlassian Company Profile

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.