Atlassian (NASDAQ:TEAM) Trading 2.8% Higher

Atlassian Co. (NASDAQ:TEAM)’s share price was up 2.8% during trading on Wednesday . The stock traded as high as $160.27 and last traded at $160.21. Approximately 135,190 shares were traded during trading, a decline of 92% from the average daily volume of 1,770,159 shares. The stock had previously closed at $155.82.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TEAM. JMP Securities raised shares of Atlassian to a “hold” rating in a research report on Friday, August 2nd. BMO Capital Markets decreased their target price on Atlassian from $220.00 to $177.00 and set a “market perform” rating for the company in a research note on Friday, August 2nd. Morgan Stanley dropped their price target on Atlassian from $245.00 to $225.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Scotiabank decreased their price objective on Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a research report on Friday, August 2nd. Finally, Baird R W downgraded shares of Atlassian from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $217.69.

Atlassian Stock Performance

The stock’s 50 day moving average is $162.94 and its 200 day moving average is $176.05. 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 firm has a market cap of $41.59 billion, a price-to-earnings ratio of -247.33 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the company posted ($0.21) earnings per share. Atlassian’s revenue was up 20.5% compared to the same quarter last year. Analysts anticipate that Atlassian Co. will post -0.58 earnings per share for the current year.

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $165.03, for a total transaction of $1,311,658.44. Following the sale, the chief executive officer now directly owns 79,480 shares in the company, valued at $13,116,584.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $165.03, for a total transaction of $1,311,658.44. Following the sale, the chief executive officer now owns 79,480 shares of the company’s stock, valued at approximately $13,116,584.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $175.00, for a total transaction of $133,000.00. Following the sale, the president now owns 152,534 shares in the company, valued at $26,693,450. The disclosure for this sale can be found here. In the last three months, insiders have sold 240,159 shares of company stock valued at $40,255,831. 40.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in TEAM. First Trust Direct Indexing L.P. boosted its position in shares of Atlassian by 1.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock valued at $721,000 after purchasing an additional 55 shares in the last quarter. Park National Corp OH increased its stake in Atlassian by 4.0% in the first quarter. Park National Corp OH now owns 1,497 shares of the technology company’s stock valued at $292,000 after purchasing an additional 58 shares in the last quarter. Financial Advocates Investment Management grew its stake in shares of Atlassian by 1.7% in the 2nd quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company’s stock valued at $662,000 after buying an additional 62 shares during the period. Ameritas Investment Partners Inc. raised its holdings in Atlassian by 1.4% during the first quarter. Ameritas Investment Partners Inc. now owns 4,561 shares of the technology company’s stock worth $890,000 after buying an additional 65 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in Atlassian by 6.8% in the 1st quarter. UMB Bank n.a. now owns 1,112 shares of the technology company’s stock valued at $217,000 after acquiring an additional 71 shares in the last quarter. 93.03% of the stock is owned by institutional investors and hedge funds.

About Atlassian

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.