Atlassian (NASDAQ:TEAM) Sets New 12-Month High - Should You Buy?

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) shares hit a new 52-week high during trading on Friday . The stock traded as high as $185.73 and last traded at $185.62, with a volume of 6071263 shares traded. The stock had previously closed at $168.47.

Wall Street Analysts Forecast Growth

TEAM has been the topic of several recent research reports. TD Cowen lifted their price target on shares of Atlassian from $105.00 to $145.00 and gave the company a "hold" rating in a research note on Friday, August 7th. Guggenheim increased their price objective on shares of Atlassian from $115.00 to $165.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. BMO Capital Markets raised their price objective on Atlassian from $95.00 to $175.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Bank of America raised Atlassian from a "neutral" rating to a "buy" rating and set a $175.00 target price on the stock in a research report on Friday, August 7th. Finally, FBN Securities reiterated an "outperform" rating and set a $170.00 target price on shares of Atlassian in a report on Monday, August 10th. Twenty-five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $178.63.

Atlassian Price Performance

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $47.10 billion, a P/E ratio of -976.95, a P/E/G ratio of 13.24 and a beta of 1.05. The company has a 50 day moving average price of $112.75 and a 200 day moving average price of $91.35.

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

Insider Buying and Selling

In related news, CRO Brian Duffy sold 1,851 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the transaction, the executive owned 218,223 shares in the company, valued at approximately $37,632,556.35. This represents a 0.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 transaction of $1,561,362.30. Following the completion of the transaction, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 30,349 shares of company stock valued at $4,418,849. Company insiders own 36.66% of the company's stock.

Hedge Funds Weigh In On Atlassian

Large investors have recently made changes to their positions in the company. Nicholas Company Inc. grew its holdings in shares of Atlassian by 8.7% during the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company's stock worth $49,748,000 after purchasing an additional 24,490 shares in the last quarter. Tensor Edge Capital LLC bought a new position in shares of Atlassian in the fourth quarter worth $5,028,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Atlassian by 69.4% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 62,000 shares of the technology company's stock valued at $4,232,000 after purchasing an additional 25,400 shares in the last quarter. AMF Tjanstepension AB bought a new stake in Atlassian during the fourth quarter worth about $4,669,000. Finally, Fluent Financial LLC bought a new stake in Atlassian during the second quarter worth about $2,239,000. 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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