Atlassian (NASDAQ:TEAM) Shares Gap Up - Here's What Happened

Key Points

• Atlassian shares gapped up at the open, rising from a prior close of $85.50 to $89.11 and trading up about 5.5% intraday.
• Several analysts have recently raised or maintained bullish views on TEAM, with Barclays, Cantor Fitzgerald, and Truist boosting price targets; the stock currently carries a Moderate Buy consensus and a $145.26 target price.
• The company’s latest quarterly results beat expectations, with EPS of $1.75 and revenue of $1.79 billion, both above estimates, while revenue jumped 31.7% year over year.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $85.50, but opened at $89.11. Atlassian shares last traded at $89.1790, with a volume of 687,658 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TEAM shares. Barclays boosted their target price on shares of Atlassian from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Cantor Fitzgerald raised their price target on shares of Atlassian from $98.00 to $107.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Truist Financial lifted their price target on shares of Atlassian from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Citizens Jmp reiterated a "market perform" rating on shares of Atlassian in a research note on Wednesday, July 1st. Finally, UBS Group reduced their price objective on Atlassian from $105.00 to $95.00 and set a "neutral" rating for the company in a report on Friday, May 1st. Twenty-one investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $145.26.

Atlassian Stock Up 5.5%

The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm has a market cap of $22.88 billion, a PE ratio of -108.70, a price-to-earnings-growth ratio of 4.73 and a beta of 1.11. The stock has a fifty day simple moving average of $86.71 and a two-hundred day simple moving average of $95.95.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.33 by $0.42. The firm had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The company's revenue for the quarter was up 31.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.97 earnings per share. As a group, sell-side analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Brian Duffy sold 3,000 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the transaction, the executive owned 227,691 shares of the company's stock, valued at approximately $20,426,159.61. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO James Chuong sold 8,838 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the sale, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 20,041 shares of company stock valued at $1,801,069 over the last 90 days. Company insiders own 36.66% of the company's stock.

Institutional Trading of Atlassian

A number of large investors have recently modified their holdings of the business. MV Capital Management Inc. bought a new stake in shares of Atlassian during the 4th quarter worth $25,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Atlassian by 139.2% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company's stock worth $29,000 after purchasing an additional 220 shares in the last quarter. Western Wealth Management LLC bought a new position in shares of Atlassian during the 1st quarter valued at about $30,000. State of Wyoming increased its position in shares of Atlassian by 65.7% during the 1st quarter. State of Wyoming now owns 449 shares of the technology company's stock valued at $31,000 after purchasing an additional 178 shares during the last quarter. Finally, Board of the Pension Protection Fund purchased a new position in shares of Atlassian during the 4th quarter valued at about $32,000. Institutional investors own 94.45% of the company's stock.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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