Atlassian Sees Unusually Large Options Volume (NASDAQ:TEAM)

Atlassian Co. (NASDAQ:TEAM) was the target of some unusual options trading on Monday. Stock investors purchased 22,030 call options on the stock. This represents an increase of 190% compared to the typical volume of 7,604 call options.

Atlassian Stock Performance

NASDAQ TEAM opened at $311.40 on Tuesday. Atlassian has a 52-week low of $135.29 and a 52-week high of $324.37. The company has a 50-day simple moving average of $260.51 and a 200 day simple moving average of $208.44. The company has a market capitalization of $81.10 billion, a PE ratio of -232.39 and a beta of 0.87. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 18.00% and a negative net margin of 7.22%. On average, research analysts predict that Atlassian will post -0.55 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on TEAM shares. Canaccord Genuity Group raised their target price on Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Mizuho upped their target price on Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a report on Friday. Barclays raised their price target on shares of Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday. Raymond James reaffirmed an “outperform” rating and issued a $330.00 price objective (up from $250.00) on shares of Atlassian in a research note on Friday. Finally, BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $255.00 to $292.00 in a research report on Friday, January 10th. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $318.43.

Insider Transactions at Atlassian

In other news, CAO Gene Liu sold 779 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $320.01, for a total transaction of $249,287.79. Following the completion of the transaction, the chief accounting officer now owns 52,710 shares of the company’s stock, valued at approximately $16,867,727.10. The trade was a 1.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 1,659 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total value of $407,798.79. Following the sale, the president now owns 213,511 shares of the company’s stock, valued at approximately $52,483,138.91. This represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 257,935 shares of company stock valued at $66,276,511. 38.55% of the stock is owned by corporate insiders.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans bought a new stake in Atlassian during the second quarter valued at approximately $677,000. Sanctuary Advisors LLC bought a new stake in shares of Atlassian during the 2nd quarter worth $1,022,000. Handelsbanken Fonder AB grew its position in Atlassian by 2.6% in the third quarter. Handelsbanken Fonder AB now owns 69,552 shares of the technology company’s stock worth $11,046,000 after acquiring an additional 1,760 shares in the last quarter. GAMMA Investing LLC increased its stake in Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV raised its position in Atlassian by 100.5% during the third quarter. Azzad Asset Management Inc. ADV now owns 3,451 shares of the technology company’s stock valued at $548,000 after purchasing an additional 1,730 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

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.