Atlassian (NASDAQ:TEAM) Shares Gap Up to $158.81

Atlassian Co. (NASDAQ:TEAM)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $158.81, but opened at $163.23. Atlassian shares last traded at $158.29, with a volume of 124,481 shares trading hands.

Wall Street Analysts Forecast Growth

TEAM has been the topic of several analyst reports. Scotiabank reduced their price target on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating on the stock in a research report on Friday, August 2nd. The Goldman Sachs Group upgraded Atlassian from a “neutral” rating to a “buy” rating and lifted their target price for the company from $200.00 to $230.00 in a research report on Friday, August 2nd. JMP Securities upgraded Atlassian to a “hold” rating in a report on Friday, August 2nd. BMO Capital Markets cut their price objective on Atlassian from $220.00 to $177.00 and set a “market perform” rating for the company in a research report on Friday, August 2nd. Finally, Wells Fargo & Company decreased their target price on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a research report on Friday, June 21st. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $216.65.

Atlassian Stock Performance

The stock has a 50-day moving average price of $159.98 and a 200 day moving average price of $173.22. The firm has a market capitalization of $40.54 billion, a price-to-earnings ratio of -252.08 and a beta of 0.73. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 EPS 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 company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the previous year, the business posted ($0.21) EPS. The firm’s revenue was up 20.5% on a year-over-year basis. On average, analysts forecast that Atlassian Co. will post -0.58 EPS for the current year.

Insider Activity at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $186.48, for a total transaction of $1,482,143.04. Following the completion of the sale, the chief executive officer now directly owns 476,880 shares of the company’s stock, valued at approximately $88,928,582.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $186.48, for a total value of $1,482,143.04. Following the transaction, the chief executive officer now directly owns 476,880 shares in the company, valued at $88,928,582.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the sale, 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. Insiders have sold 232,211 shares of company stock valued at $38,706,904 over the last quarter. 40.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Several large investors have recently bought and sold shares of TEAM. Dragoneer Investment Group LLC purchased a new stake in shares of Atlassian in the 2nd quarter valued at about $469,803,000. Price T Rowe Associates Inc. MD lifted its stake in 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 buying an additional 904,138 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Atlassian in the second quarter valued at approximately $91,072,000. Vanguard Group Inc. grew its position in shares of 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 acquiring an additional 504,181 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Atlassian in the 1st quarter valued at $55,307,000. Institutional investors and hedge funds 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.