Atlassian (NASDAQ:TEAM) Shares Gap Up – What’s Next?

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) gapped up before the market opened on Tuesday . The stock had previously closed at $85.50, but opened at $89.11. Atlassian shares last traded at $89.1790, with a volume of 687,658 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Mizuho reduced their price target on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. Cantor Fitzgerald boosted their price objective on shares of Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. BTIG Research increased their price objective on shares of Atlassian from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a report on Monday, April 20th. Finally, Barclays raised their target price on shares of Atlassian from $106.00 to $112.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Twenty-one analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $144.70.

Atlassian Trading Down 3.3%

The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock has a market cap of $21.69 billion, a P/E ratio of -102.98, a PEG ratio of 4.98 and a beta of 1.11. The firm’s 50-day simple moving average is $87.37 and its 200 day simple moving average is $94.88.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. The company had revenue of $1.79 billion for 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%.The business’s revenue for the quarter was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 earnings per share. As a group, equities research analysts anticipate that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive directly owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares in the company, valued at approximately $25,295,868. This represents a 2.97% 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. Insiders have sold a total of 20,041 shares of company stock worth $1,801,069 in the last ninety days. 36.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atlassian

Several large investors have recently bought and sold shares of the stock. MV Capital Management Inc. acquired a new stake in shares of Atlassian in the 4th quarter worth approximately $25,000. MassMutual Private Wealth & Trust FSB raised its holdings in Atlassian by 139.2% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock worth $29,000 after purchasing an additional 220 shares in the last quarter. Western Wealth Management LLC bought a new stake in Atlassian during the first quarter worth approximately $30,000. State of Wyoming lifted its position in Atlassian by 65.7% in the first quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after purchasing an additional 178 shares during the period. Finally, Board of the Pension Protection Fund acquired a new stake in Atlassian in the fourth quarter worth approximately $32,000. Institutional investors and hedge funds 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.