Atlassian (NASDAQ:TEAM) Trading Up 4.4% – Should You Buy?

Shares of Atlassian Co. (NASDAQ:TEAM) traded up 4.4% during trading on Wednesday . The stock traded as high as $175.61 and last traded at $175.48. 250,614 shares changed hands during trading, a decline of 86% from the average session volume of 1,765,340 shares. The stock had previously closed at $168.02.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Capital One Financial upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price target on the stock in a research report on Thursday, July 11th. Morgan Stanley decreased their target price on Atlassian from $245.00 to $225.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Piper Sandler raised Atlassian from a “neutral” rating to an “overweight” rating and upped their target price for the company from $200.00 to $225.00 in a report on Tuesday, July 2nd. The Goldman Sachs Group upgraded Atlassian from a “neutral” rating to a “buy” rating and increased their price target for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. Finally, Robert W. Baird downgraded Atlassian from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $230.00 to $175.00 in a report on Friday, August 2nd. Ten analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $216.65.

Atlassian Stock Performance

The firm has a 50-day simple moving average of $158.73 and a two-hundred day simple moving average of $171.92. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $45.99 billion, a price-to-earnings ratio of -281.03 and a beta of 0.73.

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

Insider Buying and Selling

In other Atlassian news, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $146.08, for a total value 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 $18,838,038.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CTO Rajeev Bashyam Rajan sold 199 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $169.00, for a total value of $1,343,212.00. Following the completion of the sale, the director now directly owns 468,932 shares in the company, valued at approximately $79,249,508. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 224,263 shares of company stock worth $36,832,448. Corporate insiders own 40.48% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dragoneer Investment Group LLC bought a new stake in shares of Atlassian in the second quarter valued at about $469,803,000. Price T Rowe Associates Inc. MD lifted its stake in Atlassian by 8.8% during the first 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 purchasing an additional 904,138 shares during the period. Manning & Napier Advisors LLC bought a new position in Atlassian during the second quarter worth about $91,072,000. Vanguard Group Inc. raised its stake in shares of Atlassian by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after acquiring an additional 504,181 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Atlassian in the first quarter valued at approximately $55,307,000. 93.03% of the stock is owned by institutional investors and hedge funds.

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.