Atlassian (NASDAQ:TEAM) Shares Gap Up – Should You Buy?

Atlassian Corporation PLC (NASDAQ:TEAM)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $66.00, but opened at $69.78. Atlassian shares last traded at $68.6320, with a volume of 1,757,239 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on TEAM shares. Jefferies Financial Group set a $150.00 target price on Atlassian in a report on Friday, February 6th. BNP Paribas Exane assumed coverage on Atlassian in a report on Monday, March 16th. They set an “outperform” rating and a $95.00 price objective for the company. Wells Fargo & Company dropped their price objective on Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a report on Tuesday, March 17th. Piper Sandler restated an “overweight” rating and set a $200.00 price objective (down from $280.00) on shares of Atlassian in a report on Friday, February 6th. Finally, BMO Capital Markets set a $130.00 price objective on Atlassian and gave the company an “outperform” rating in a report on Friday, February 6th. Twenty equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.37.

Atlassian Trading Up 3.4%

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62. The stock has a 50-day simple moving average of $74.89 and a two-hundred day simple moving average of $124.18. The firm has a market capitalization of $18.01 billion, a P/E ratio of -94.57 and a beta of 0.99.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Friday, February 6th. The technology company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.Atlassian’s revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.96 EPS. On average, equities research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CFO Joseph Leo Binz sold 1,653 shares of Atlassian stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $134,471.55. Following the completion of the sale, the chief financial officer directly owned 208,639 shares of the company’s stock, valued at $16,972,782.65. The trade was a 0.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of Atlassian stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total value of $249,907.20. Following the sale, the chief technology officer directly owned 212,916 shares of the company’s stock, valued at approximately $17,320,716.60. This trade represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 143,983 shares of company stock worth $16,938,095 over the last quarter. Insiders own 36.66% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of institutional investors and hedge funds have recently bought and sold shares of TEAM. MV Capital Management Inc. bought a new stake in Atlassian during the fourth quarter valued at about $25,000. Physician Wealth Advisors Inc. boosted its position in Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after purchasing an additional 61 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after purchasing an additional 161 shares in the last quarter. Atlantic Union Bankshares Corp boosted its position in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after purchasing an additional 199 shares in the last quarter. Finally, Board of the Pension Protection Fund bought a new stake in Atlassian during the fourth quarter valued at about $32,000. 94.45% of the stock is owned by institutional investors.

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.