Atlassian (NASDAQ:TEAM) Shares Gap Up – Here’s Why

Atlassian Corporation PLC (NASDAQ:TEAM) shares gapped up prior to trading on Monday . The stock had previously closed at $107.61, but opened at $114.18. Atlassian shares last traded at $111.7280, with a volume of 2,524,962 shares changing hands.

Analyst Upgrades and Downgrades

TEAM has been the subject of several research analyst reports. Truist Financial upped their price target on shares of Atlassian from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Cantor Fitzgerald upped their price objective on shares of Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Sanford C. Bernstein restated an “outperform” rating and issued a $295.00 target price on shares of Atlassian in a research report on Friday, May 1st. BNP Paribas Exane assumed coverage on shares of Atlassian in a research note on Monday, March 16th. They set an “outperform” rating and a $95.00 target price for the company. Finally, Oppenheimer upped their price objective on shares of Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $145.63.

Atlassian Stock Performance

The firm has a market capitalization of $29.03 billion, a price-to-earnings ratio of -137.76, a PEG ratio of 6.10 and a beta of 1.07. The firm has a 50 day moving average price of $75.55 and a 200-day moving average price of $107.83. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70.

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

Insider Buying and Selling

In related news, CRO Brian Duffy sold 1,986 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $174,271.50. Following the sale, the executive owned 236,841 shares of the company’s stock, valued at $20,782,797.75. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares of the company’s stock, valued at $25,295,868. This represents a 2.97% 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. Insiders have sold 10,891 shares of company stock worth $955,683 over the last 90 days. Insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors and hedge funds have recently modified their holdings of the company. MV Capital Management Inc. purchased a new position in Atlassian in the fourth quarter valued at $25,000. Physician Wealth Advisors Inc. boosted its position in shares of Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after acquiring an additional 61 shares in the last quarter. Geneos Wealth Management Inc. increased 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 valued at $42,000 after acquiring an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp increased its holdings in shares of Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after acquiring an additional 199 shares during the last quarter. Finally, Board of the Pension Protection Fund acquired a new stake in shares of Atlassian during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

About Atlassian

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.