Atlassian (NASDAQ:TEAM) Shares Up 3.7% - Here's What Happened

Key Points

• Atlassian shares rose 3.7% to approximately $195.62 in mid-day trading, despite volume running 87% below the average session level.
• Analysts have become more bullish, with several firms raising price targets as high as $230. The stock carries a consensus “Moderate Buy” rating from 30 analysts, with an average target of $189.89.
• Atlassian’s latest quarterly results exceeded expectations: revenue increased 27.6% year over year to $1.77 billion, while EPS of $1.87 surpassed the $1.50 consensus estimate.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) shot up 3.7% during trading on Wednesday . The company traded as high as $196.92 and last traded at $195.6190. Approximately 760,361 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 5,950,480 shares. The stock had previously closed at $188.65.

Analyst Upgrades and Downgrades

TEAM has been the topic of a number of recent research reports. Cantor Fitzgerald lifted their price target on shares of Atlassian from $175.00 to $220.00 and gave the stock an "overweight" rating in a research note on Monday. Wells Fargo & Company raised their price objective on shares of Atlassian from $140.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Truist Financial lifted their target price on shares of Atlassian from $160.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. BTIG Research upped their target price on shares of Atlassian from $180.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. Finally, Oppenheimer increased their price target on shares of Atlassian from $110.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $189.89.

Atlassian Trading Up 3.1%

The company has a market cap of $49.36 billion, a price-to-earnings ratio of -1,022.46, a price-to-earnings-growth ratio of 15.38 and a beta of 1.15. The company's fifty day moving average price is $150.27 and its two-hundred day moving average price is $105.02. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1.66 billion. During the same period in the previous year, the business earned $0.98 EPS. Atlassian's revenue was up 27.6% compared to the same quarter last year. Research analysts expect that Atlassian Corporation PLC will post 0.94 earnings per share for the current year.

Insider Transactions at Atlassian

In other news, CFO James Chuong sold 9,054 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the sale, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. This trade represents a 3.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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 company'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 in the company, valued at approximately $37,632,556.35. This trade represents a 0.84% 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. Over the last quarter, insiders have sold 22,138 shares of company stock worth $3,751,873. Insiders own 36.66% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TEAM. Coldstream Capital Management Inc. raised its stake in shares of Atlassian by 10.7% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,588 shares of the technology company's stock worth $257,000 after buying an additional 153 shares during the period. MV Capital Management Inc. bought a new position in shares of Atlassian during the 4th quarter valued at approximately $25,000. State of Wyoming increased its holdings in Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company's stock worth $31,000 after acquiring an additional 178 shares in the last quarter. Basepoint Wealth LLC purchased a new stake in Atlassian in the 4th quarter worth approximately $32,000. Finally, Huntington National Bank raised its stake in Atlassian by 52.3% during the 4th quarter. Huntington National Bank now owns 591 shares of the technology company's stock worth $96,000 after acquiring an additional 203 shares during the period. 94.45% of the stock is currently owned by institutional investors.

Atlassian Company Profile

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.

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