Atlassian (NASDAQ:TEAM) Shares Up 4.4% – Here’s What Happened

Atlassian Co. (NASDAQ:TEAM)’s stock price traded up 4.4% during trading on Wednesday . The stock traded as high as $175.61 and last traded at $175.48. 250,614 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,765,340 shares. The stock had previously closed at $168.02.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TEAM shares. Morgan Stanley reduced their price objective on Atlassian from $245.00 to $225.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Truist Financial dropped their price objective on shares of Atlassian from $200.00 to $160.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Canaccord Genuity Group boosted their target price on shares of Atlassian from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday. Oppenheimer restated an “outperform” rating and issued a $230.00 price target on shares of Atlassian in a research report on Monday, September 23rd. Finally, Scotiabank reduced their price objective on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating on the stock in a research note on Friday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $216.35.

Atlassian Trading Up 3.9 %

The stock has a 50 day moving average price of $158.96 and a 200 day moving average price of $172.04. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.07. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. Atlassian’s revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.21) earnings per share. As a group, sell-side analysts forecast that Atlassian Co. will post -0.58 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $180.42, for a total transaction of $1,433,978.16. Following the sale, the chief executive officer now directly owns 413,296 shares in the company, valued at approximately $74,566,864.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares in the company, valued at approximately $18,838,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $180.42, for a total value of $1,433,978.16. Following the completion of the sale, the chief executive officer now directly owns 413,296 shares in the company, valued at approximately $74,566,864.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 224,263 shares of company stock worth $36,793,185 over the last quarter. Corporate insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Livforsakringsbolaget Skandia Omsesidigt grew its position in Atlassian by 227.2% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,214 shares of the technology company’s stock worth $193,000 after acquiring an additional 843 shares in the last quarter. Perpetual Ltd bought a new stake in Atlassian during the third quarter worth about $882,000. CWM LLC boosted its holdings in shares of Atlassian by 270.6% in the 3rd quarter. CWM LLC now owns 7,875 shares of the technology company’s stock worth $1,251,000 after purchasing an additional 5,750 shares in the last quarter. Green Alpha Advisors LLC increased its position in shares of Atlassian by 8.5% during the 3rd quarter. Green Alpha Advisors LLC now owns 3,521 shares of the technology company’s stock valued at $559,000 after purchasing an additional 275 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV raised its holdings in shares of Atlassian by 100.5% during the 3rd quarter. Azzad Asset Management Inc. ADV now owns 3,451 shares of the technology company’s stock valued at $548,000 after buying an additional 1,730 shares in the last quarter. 93.03% of the stock is currently owned by institutional investors.

Atlassian Company Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.