Atlassian (NASDAQ:TEAM) Shares Up 8.4% – Here’s What Happened

Atlassian Corporation PLC (NASDAQ:TEAM)’s share price traded up 8.4% during trading on Wednesday . The stock traded as high as $64.19 and last traded at $64.7060. 4,271,913 shares changed hands during trading, a decline of 33% from the average session volume of 6,373,657 shares. The stock had previously closed at $59.71.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Jefferies Financial Group set a $150.00 price objective on shares of Atlassian in a research note on Friday, February 6th. Canaccord Genuity Group lowered their target price on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday. Truist Financial set a $90.00 price target on shares of Atlassian in a research note on Wednesday. Oppenheimer set a $100.00 price objective on Atlassian in a report on Friday. Finally, Wells Fargo & Company dropped their target price on Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 17th. Twenty investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $157.52.

Atlassian Stock Performance

The stock’s fifty day simple moving average is $74.29 and its 200-day simple moving average is $123.80. The company has a market capitalization of $18.13 billion, a PE ratio of -95.46 and a beta of 0.99. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62.

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

Insider Activity

In other news, CFO Joseph Leo Binz sold 1,653 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total value of $134,471.55. Following the completion of the transaction, the chief financial officer owned 208,639 shares of the company’s stock, valued at $16,972,782.65. The trade was a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $94.81, for a total transaction of $726,718.65. Following the transaction, the chief executive officer directly owned 275,940 shares in the company, valued at $26,161,871.40. The trade was a 2.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 128,653 shares of company stock worth $15,085,924 in the last quarter. Corporate insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TEAM. Vanguard Group Inc. boosted its holdings 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 worth $3,006,281,000 after purchasing an additional 61,706 shares during the last quarter. Baillie Gifford & Co. grew its stake in shares of Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after buying an additional 316,276 shares during the period. AQR Capital Management LLC grew its stake in shares of Atlassian by 291.4% during the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after buying an additional 5,769,788 shares during the period. Morgan Stanley increased its holdings in shares of Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after buying an additional 1,657,309 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Atlassian by 3.3% in the fourth quarter. State Street Corp now owns 3,995,100 shares of the technology company’s stock valued at $647,766,000 after purchasing an additional 127,105 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.