Atlassian Target of Unusually Large Options Trading (NASDAQ:TEAM)

Atlassian Co. (NASDAQ:TEAM) was the recipient of some unusual options trading on Friday. Stock investors bought 18,267 call options on the company. This is an increase of approximately 253% compared to the typical daily volume of 5,174 call options.

Wall Street Analyst Weigh In

A number of research analysts have commented on TEAM shares. JMP Securities upgraded shares of Atlassian to a “hold” rating in a research report on Friday, August 2nd. Morgan Stanley increased their price objective on Atlassian from $216.00 to $224.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Jefferies Financial Group lifted their target price on shares of Atlassian from $240.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday. Barclays cut their target price on Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Finally, Mizuho increased their price objective on Atlassian from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $231.84.

Insider Activity

In other news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Monday, August 5th. The stock was sold at an average price of $143.54, for a total value of $1,140,855.92. Following the completion of the transaction, the chief executive officer now directly owns 309,972 shares in the company, valued at approximately $44,493,380.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $143.54, for a total transaction of $1,140,855.92. Following the completion of the sale, the chief executive officer now owns 309,972 shares in the company, valued at approximately $44,493,380.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $188.79, for a total transaction of $143,480.40. Following the sale, the president now owns 228,996 shares of the company’s stock, valued at approximately $43,232,154.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 230,185 shares of company stock valued at $39,155,661 in the last 90 days. Insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently modified their holdings of the company. Asset Dedication LLC grew its holdings in Atlassian by 229.8% during the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after buying an additional 108 shares in the last quarter. Hollencrest Capital Management increased its holdings in Atlassian by 383.9% in the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock valued at $29,000 after acquiring an additional 119 shares during the last quarter. Trust Co. of Vermont lifted its stake in Atlassian by 2,175.0% in the 2nd 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 purchased a new position in shares of Atlassian during the second quarter valued at about $36,000. Finally, GAMMA Investing LLC increased its holdings 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 purchasing an additional 96 shares during the last quarter. 93.03% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Performance

TEAM traded up $29.41 during trading on Friday, hitting $217.95. The company’s stock had a trading volume of 3,799,065 shares, compared to its average volume of 1,795,566. Atlassian has a one year low of $135.29 and a one year high of $258.69. The business’s 50 day simple moving average is $172.01 and its 200-day simple moving average is $171.24. 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 firm has a market cap of $56.67 billion, a PE ratio of -187.81 and a beta of 0.73.

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

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.