Atlassian (NASDAQ:TEAM) Shares Gap Up to $178.25

Atlassian Co. (NASDAQ:TEAM) gapped up before the market opened on Tuesday . The stock had previously closed at $178.25, but opened at $183.49. Atlassian shares last traded at $182.02, with a volume of 239,198 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on TEAM shares. Canaccord Genuity Group lowered their price target on Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a report on Friday, April 26th. KeyCorp started coverage on Atlassian in a report on Tuesday, March 19th. They set a “sector weight” rating for the company. Piper Sandler upgraded Atlassian from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $200.00 to $225.00 in a report on Tuesday. Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $235.00 to $275.00 in a research note on Thursday, April 11th. Finally, Truist Financial decreased their target price on Atlassian from $220.00 to $200.00 and set a “hold” rating on the stock in a research note on Friday, April 26th. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $226.94.

Atlassian Trading Down 0.0 %

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50-day simple moving average of $171.25 and a 200-day simple moving average of $200.67.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter last year, the company earned ($0.40) EPS. Atlassian’s revenue for the quarter was up 29.9% compared to the same quarter last year. Equities analysts forecast that Atlassian Co. will post -0.21 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $196.25, for a total transaction of $1,617,296.25. Following the sale, the chief executive officer now owns 473,583 shares of the company’s stock, valued at approximately $92,940,663.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Gene Liu sold 199 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $184.25, for a total transaction of $36,665.75. Following the transaction, the chief accounting officer now owns 45,666 shares in the company, valued at approximately $8,413,960.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $196.25, for a total value of $1,617,296.25. Following the transaction, the chief executive officer now owns 473,583 shares in the company, valued at approximately $92,940,663.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 287,802 shares of company stock valued at $51,411,378. Corporate insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management grew its stake in Atlassian by 383.9% during the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after buying an additional 119 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in Atlassian during the 1st quarter worth approximately $40,000. Crewe Advisors LLC purchased a new position in Atlassian during the 1st quarter worth approximately $43,000. Livforsakringsbolaget Skandia Omsesidigt grew its stake in Atlassian by 271.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after buying an additional 271 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Atlassian by 255.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock valued at $96,000 after purchasing an additional 291 shares during the last quarter. Hedge funds and other institutional investors 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.