Atlassian (NASDAQ:TEAM) Shares Up 4.5% - Here's What Happened

Key Points

• Atlassian shares rose 4.5% on Friday, trading as high as $84.90 after closing at $80.86 the prior session. Trading volume was well below average, with about 532,158 shares changing hands.
• Analyst sentiment was broadly positive, with several firms raising price targets or upgrading the stock. MarketBeat shows a consensus rating of "Moderate Buy" and an average price target of $145.63.
• Recent earnings topped expectations, as Atlassian reported $1.75 EPS versus the $1.33 estimate and revenue of $1.79 billion versus $1.70 billion expected. Quarterly revenue also climbed 31.7% year over year.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report)'s share price shot up 4.5% on Friday . The stock traded as high as $84.90 and last traded at $84.4990. 532,158 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 7,130,796 shares. The stock had previously closed at $80.86.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TEAM. BTIG Research upped their price objective on Atlassian from $120.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Zacks Research upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 6th. TD Cowen upped their target price on Atlassian from $85.00 to $105.00 and gave the company a "hold" rating in a report on Friday, May 1st. BNP Paribas Exane initiated coverage on Atlassian in a report on Monday, March 16th. They set an "outperform" rating and a $95.00 target price for the company. Finally, Citigroup reduced their target price on Atlassian from $160.00 to $110.00 and set a "buy" rating for the company in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $145.63.

Atlassian Stock Up 7.0%

The stock has a market capitalization of $21.96 billion, a price-to-earnings ratio of -104.09, a price-to-earnings-growth ratio of 4.57 and a beta of 0.90. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm has a 50-day moving average of $73.03 and a two-hundred day moving average of $113.57.

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

Insider Activity at Atlassian

In other Atlassian news, CFO Joseph Leo Binz sold 1,653 shares of the company's stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $134,471.55. Following the transaction, the chief financial officer directly owned 208,639 shares of the company's stock, valued at $16,972,782.65. This represents a 0.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of the company's stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $249,907.20. Following the completion of the transaction, the chief technology officer directly owned 212,916 shares in the company, valued at approximately $17,320,716.60. The trade was a 1.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 6,013 shares of company stock valued at $489,158. Company insiders own 36.66% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Physician Wealth Advisors Inc. increased its position in Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock worth $26,000 after purchasing an additional 61 shares during the last quarter. GAMMA Investing LLC increased its position in Atlassian by 12.0% in the 4th quarter. GAMMA Investing LLC now owns 615 shares of the technology company's stock worth $100,000 after purchasing an additional 66 shares during the last quarter. Snowden Capital Advisors LLC increased its position in Atlassian by 1.6% in the 2nd quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company's stock worth $907,000 after purchasing an additional 71 shares during the last quarter. Financial Perspectives Inc increased its position in Atlassian by 11.7% in the 4th quarter. Financial Perspectives Inc now owns 718 shares of the technology company's stock worth $116,000 after purchasing an additional 75 shares during the last quarter. Finally, ABN Amro Investment Solutions increased its position in Atlassian by 3.4% in the 3rd quarter. ABN Amro Investment Solutions now owns 2,452 shares of the technology company's stock worth $392,000 after purchasing an additional 80 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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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