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

Atlassian Co. (NASDAQ:TEAM)’s stock price gapped up before the market opened on Friday after Wells Fargo & Company raised their price target on the stock from $250.00 to $300.00. The stock had previously closed at $188.54, but opened at $225.45. Wells Fargo & Company currently has an overweight rating on the stock. Atlassian shares last traded at $215.66, with a volume of 2,205,672 shares traded.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group increased their price target on Atlassian from $240.00 to $280.00 and gave the stock a “buy” rating in a research report on Friday. JMP Securities raised Atlassian to a “hold” rating in a report on Friday, August 2nd. Barclays dropped their price target on Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. BMO Capital Markets increased their price objective on shares of Atlassian from $177.00 to $255.00 and gave the stock a “market perform” rating in a research note on Friday. Finally, Robert W. Baird boosted their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $243.16.

Insider Activity

In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $163.11, for a total transaction of $123,963.60. Following the sale, the president now directly owns 143,966 shares of the company’s stock, valued at $23,482,294.26. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Heather Mirjahangir Fernandez sold 750 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $185.50, for a total value of $139,125.00. Following the completion of the sale, the director now owns 10,110 shares of the company’s stock, valued at approximately $1,875,405. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian 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 completion of the transaction, the president now directly owns 143,966 shares in the company, valued at approximately $23,482,294.26. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 230,185 shares of company stock valued at $39,155,661 over the last quarter. 38.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TEAM. Dragoneer Investment Group LLC bought a new stake in shares of Atlassian in the 2nd quarter valued at $469,803,000. Price T Rowe Associates Inc. MD grew its holdings in Atlassian by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock worth $2,173,847,000 after acquiring an additional 904,138 shares during the period. Manning & Napier Advisors LLC acquired a new stake in Atlassian during the 2nd quarter worth about $91,072,000. Quadrature Capital Ltd acquired a new position in shares of Atlassian in the 1st quarter valued at about $55,307,000. Finally, Swedbank AB bought a new stake in shares of Atlassian during the 1st quarter valued at about $50,923,000. Institutional investors own 93.03% of the company’s stock.

Atlassian Trading Up 19.0 %

The company has a market cap of $58.34 billion, a P/E ratio of -147.60 and a beta of 0.71. The firm has a 50-day moving average of $173.30 and a 200 day moving average of $171.30. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.38%. The company’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.21) EPS. On average, analysts predict that Atlassian Co. will post -0.58 earnings per share for the current fiscal year.

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.