Atlassian (NASDAQ:TEAM) Stock Price Up 2.8%

Atlassian Co. (NASDAQ:TEAM) shares traded up 2.8% during trading on Wednesday . The company traded as high as $160.27 and last traded at $160.21. 135,190 shares traded hands during trading, a decline of 92% from the average session volume of 1,770,159 shares. The stock had previously closed at $155.82.

Wall Street Analyst Weigh In

Several analysts have commented on TEAM shares. Robert W. Baird lowered shares of Atlassian from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $230.00 to $175.00 in a research report on Friday, August 2nd. Wells Fargo & Company lowered their target price on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a research note on Friday, June 21st. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and boosted their price target for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. StockNews.com downgraded Atlassian from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Finally, Barclays reduced their target price on Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus price target of $217.69.

Atlassian Stock Performance

The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The business has a fifty day simple moving average of $162.94 and a 200-day simple moving average of $176.05. The firm has a market cap of $41.59 billion, a P/E ratio of -247.33 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the firm earned ($0.21) earnings per share. The company’s quarterly revenue was up 20.5% on a year-over-year basis. On average, sell-side analysts predict that Atlassian Co. will post -0.58 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total value of $1,117,011.92. Following the completion of the sale, the chief executive officer now owns 294,076 shares in the company, valued at approximately $41,329,441.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the sale, the chief executive officer now directly owns 294,076 shares of the company’s stock, valued at $41,329,441.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the completion of the transaction, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 240,159 shares of company stock worth $40,255,831. 40.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently added to or reduced their stakes in TEAM. Dragoneer Investment Group LLC purchased a new stake in shares of Atlassian in the 2nd quarter valued at approximately $469,803,000. Norges Bank acquired a new stake in shares of Atlassian during the fourth quarter worth $247,740,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Atlassian by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock valued at $2,173,847,000 after acquiring an additional 904,138 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Atlassian during the 2nd quarter worth approximately $91,072,000. Finally, Vanguard Group Inc. boosted its holdings in Atlassian by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock worth $3,652,495,000 after buying an additional 504,181 shares in the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

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.