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.

A number of other research analysts have also recently commented on TEAM. Robert W. Baird upped their price target on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday. KeyCorp raised shares of Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 target price on the stock in a report on Friday. Morgan Stanley increased their target price on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Raymond James raised Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 price objective for the company in a research report on Tuesday, October 1st. Finally, The Goldman Sachs Group raised Atlassian from a “neutral” rating to a “buy” rating and raised their target price for the stock from $200.00 to $230.00 in a research report on Friday, August 2nd. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and an average price target of $229.74.

Insider Buying and Selling at Atlassian

In other news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the sale, the chief executive officer now owns 294,076 shares in the company, valued at $41,329,441.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the completion of the transaction, the chief executive officer now directly owns 294,076 shares of the company’s stock, valued at $41,329,441.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total transaction of $29,069.92. Following the completion of the sale, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 230,185 shares of company stock worth $39,155,661. 38.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Capital Performance Advisors LLP acquired a new stake in shares of Atlassian in the third quarter valued at about $103,000. AIA Group Ltd purchased a new stake in shares of Atlassian during the 3rd quarter worth approximately $1,598,000. Principal Financial Group Inc. grew its holdings in shares of Atlassian by 61.4% in the 3rd quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock worth $1,710,000 after acquiring an additional 4,099 shares during the period. Impax Asset Management Group plc raised its holdings in Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock worth $5,940,000 after purchasing an additional 31,986 shares during the last quarter. Finally, QRG Capital Management Inc. increased its position in shares of Atlassian by 22.5% in the third quarter. QRG Capital Management Inc. now owns 6,222 shares of the technology company’s stock valued at $988,000 after buying an additional 1,143 shares in the last quarter. Institutional investors and hedge funds own 93.03% of the company’s stock.

Atlassian Stock Up 15.6 %

The firm has a market capitalization of $56.65 billion, a PE ratio of -191.73 and a beta of 0.73. The firm’s 50-day moving average is $172.01 and its 200 day moving average is $171.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18.

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