Atlassian (NASDAQ:TEAM) Shares Gap Up to $178.25

Shares of Atlassian Co. (NASDAQ:TEAM) gapped up before the market opened on Tuesday . The stock had previously closed at $178.25, but opened at $183.49. Atlassian shares last traded at $182.02, with a volume of 239,198 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Robert W. Baird lowered their target price on shares of Atlassian from $270.00 to $230.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Canaccord Genuity Group lowered their target price on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, April 26th. Barclays upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $235.00 to $275.00 in a research note on Thursday, April 11th. Oppenheimer lowered their target price on shares of Atlassian from $300.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Finally, KeyCorp assumed coverage on shares of Atlassian in a research note on Tuesday, March 19th. They set a “sector weight” rating on the stock. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $226.94.

Atlassian Stock Performance

The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. The business’s fifty day simple moving average is $171.93 and its 200-day simple moving average is $201.13. The firm has a market capitalization of $47.34 billion, a PE ratio of -282.94 and a beta of 0.74.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period last year, the firm posted ($0.40) EPS. The company’s revenue was up 29.9% on a year-over-year basis. As a group, equities research analysts expect that Atlassian Co. will post -0.21 EPS for the current year.

Insider Activity at Atlassian

In related news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $207.36, for a total value of $1,708,853.76. Following the completion of the transaction, the chief executive officer now directly owns 432,378 shares of the company’s stock, valued at $89,657,902.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $163.54, for a total transaction of $1,299,815.92. Following the completion of the transaction, the chief executive officer now directly owns 87,428 shares of the company’s stock, valued at $14,297,975.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction on Friday, April 12th. The stock was sold at an average price of $207.36, for a total transaction of $1,708,853.76. Following the transaction, the chief executive officer now directly owns 432,378 shares of the company’s stock, valued at $89,657,902.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 280,147 shares of company stock valued at $50,166,202. 40.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. O Shaughnessy Asset Management LLC purchased a new position in Atlassian during the third quarter worth $701,000. Bank of Nova Scotia bought a new stake in shares of Atlassian during the third quarter worth $347,000. Toronto Dominion Bank bought a new stake in shares of Atlassian during the third quarter worth $6,041,000. Gotham Asset Management LLC lifted its position in shares of Atlassian by 348.5% during the third quarter. Gotham Asset Management LLC now owns 11,836 shares of the technology company’s stock worth $2,385,000 after purchasing an additional 9,197 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Atlassian during the third quarter worth $672,000. 93.03% of the stock is owned by hedge funds and other institutional investors.

About Atlassian

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.