Atlassian (NASDAQ:TEAM) Hits New 1-Year High – What’s Next?

Atlassian Co. (NASDAQ:TEAM)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $259.35 and last traded at $259.27, with a volume of 942608 shares trading hands. The stock had previously closed at $253.97.

Analyst Ratings Changes

A number of research firms recently weighed in on TEAM. Robert W. Baird increased their price objective on shares of Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. JMP Securities upgraded Atlassian to a “hold” rating in a report on Friday, August 2nd. Mizuho raised their target price on Atlassian from $200.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Piper Sandler boosted their price target on shares of Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Finally, Jefferies Financial Group raised their price objective on shares of Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $244.21.

Atlassian Stock Up 2.6 %

The stock has a market cap of $67.86 billion, a P/E ratio of -167.05 and a beta of 0.71. The stock’s fifty day simple moving average is $194.53 and its 200-day simple moving average is $176.48. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm’s revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.07) EPS. On average, research analysts anticipate that Atlassian Co. will post -0.56 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, CAO Gene Liu sold 165 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $245.84, for a total value of $40,563.60. Following the completion of the transaction, the chief accounting officer now owns 56,423 shares of the company’s stock, valued at approximately $13,871,030.32. This represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $244.81, for a total transaction of $1,945,749.88. Following the sale, the director now owns 214,596 shares in the company, valued at $52,535,246.76. This trade represents a 3.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 257,694 shares of company stock valued at $49,012,774 in the last ninety days. Company insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently bought and sold shares of the business. Asset Dedication LLC increased its stake in shares of Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after acquiring an additional 108 shares during the last quarter. Trust Co. of Vermont boosted its holdings in Atlassian by 2,175.0% in the second quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after purchasing an additional 174 shares in the last quarter. Rothschild Investment LLC bought a new position in Atlassian during the second quarter valued at about $36,000. GAMMA Investing LLC lifted its stake in shares of Atlassian by 68.6% in the third quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after buying an additional 96 shares during the last quarter. Finally, True Wealth Design LLC boosted its stake in Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after purchasing an additional 231 shares during the period. 93.03% of the stock is currently owned by 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.