Atlassian (NASDAQ:TEAM) Reaches New 1-Year High After Analyst Upgrade

Key Points

• Atlassian shares reached a new 52-week high after BTIG Research raised its price target from $180 to $230 and maintained a buy rating. The stock traded as high as $197.80, up from a prior close of $186.44.
• Analyst sentiment remains broadly positive, with 25 buy ratings, four holds and one sell rating; MarketBeat lists a “Moderate Buy” consensus and an average price target of $183.81.
• Atlassian reported quarterly EPS of $1.87 versus the $1.50 consensus and revenue of $1.77 billion versus estimates of $1.66 billion, with revenue rising 27.6% year over year. Insiders sold shares primarily to cover tax obligations, while institutional investors own 94.45% of the stock.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday after BTIG Research raised their price target on the stock from $180.00 to $230.00. BTIG Research currently has a buy rating on the stock. Atlassian traded as high as $197.80 and last traded at $196.5030, with a volume of 279525 shares trading hands. The stock had previously closed at $186.44.

Several other research firms have also recently weighed in on TEAM. Sanford C. Bernstein reiterated an "outperform" rating on shares of Atlassian in a research note on Monday, June 29th. Guggenheim boosted their price target on Atlassian from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Oppenheimer upped their price target on Atlassian from $110.00 to $200.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $126.00 price objective on shares of Atlassian in a research report on Monday, August 3rd. Finally, Citizens Jmp reissued a "market perform" rating on shares of Atlassian in a report on Wednesday, July 1st. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $183.81.

Insider Activity

In related news, CFO James Chuong sold 9,054 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the transaction, the chief financial officer owned 279,218 shares of the company's stock, valued at $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,851 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $319,204.95. Following the transaction, the executive owned 218,223 shares of the company's stock, valued at approximately $37,632,556.35. This represents a 0.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 31,288 shares of company stock worth $4,597,259. Corporate insiders own 36.66% of the company's stock.

Hedge Funds Weigh In On Atlassian

Several hedge funds and other institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC raised its stake in Atlassian by 71.6% during the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company's stock worth $1,153,000 after acquiring an additional 2,267 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Atlassian by 39.5% in the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company's stock valued at $995,000 after purchasing an additional 1,328 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Atlassian by 32.6% in the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company's stock valued at $875,000 after purchasing an additional 1,014 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after purchasing an additional 161 shares during the last quarter. Finally, Sivia Capital Partners LLC grew its holdings in shares of Atlassian by 27.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company's stock worth $380,000 after purchasing an additional 404 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

Atlassian Stock Up 6.0%

The firm has a market cap of $50.15 billion, a price-to-earnings ratio of -1,040.15, a PEG ratio of 14.70 and a beta of 1.15. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. The business's 50-day moving average is $121.40 and its 200-day moving average is $94.17.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm's quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the firm posted $0.98 EPS. On average, equities analysts predict that Atlassian Corporation PLC will post 0.94 EPS for the current year.

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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