Atlassian (NASDAQ:TEAM) Trading Up 4.4% – Still a Buy?

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on TEAM. Scotiabank dropped their price objective on Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a research note on Friday, August 2nd. Oppenheimer reissued an “outperform” rating and issued a $230.00 price target on shares of Atlassian in a report on Monday, September 23rd. Wells Fargo & Company lowered their price objective on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating for the company in a research note on Friday, June 21st. Barclays cut their target price on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Finally, StockNews.com lowered Atlassian from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Ten investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $216.35.

Atlassian Stock Performance

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 business has a fifty day moving average price of $158.96 and a 200-day moving average price of $172.04.

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

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $176.27, for a total transaction of $1,400,993.96. Following the transaction, the chief executive officer now directly owns 453,036 shares of the company’s stock, valued at $79,856,655.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $175.00, for a total transaction of $133,000.00. Following the transaction, the president now directly owns 152,534 shares of the company’s stock, valued at $26,693,450. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $176.27, for a total transaction of $1,400,993.96. Following the completion of the sale, the chief executive officer now directly owns 453,036 shares of the company’s stock, valued at $79,856,655.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 224,263 shares of company stock valued at $36,793,185. Company insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several large investors have recently added to or reduced their stakes in TEAM. Dragoneer Investment Group LLC bought a new stake in shares of Atlassian during the 2nd quarter valued at $469,803,000. Price T Rowe Associates Inc. MD raised its holdings 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 valued at $2,173,847,000 after acquiring an additional 904,138 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of Atlassian in the second quarter valued at about $91,072,000. Vanguard Group Inc. boosted 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 worth $3,652,495,000 after acquiring an additional 504,181 shares during the period. Finally, Quadrature Capital Ltd purchased a new stake in shares of Atlassian during the first quarter worth about $55,307,000. 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.