Nvwm LLC Buys New Stake in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Nvwm LLC acquired 1,990 shares of Atlassian Corporation PLC (NASDAQ:TEAM) during the first quarter, valued at approximately $422,000, indicating strong institutional interest in the technology company.
• Atlassian reported quarterly earnings of $0.97 EPS, surpassing analysts' expectations of $0.93, with revenue up 14.1% year-over-year.
• Analysts have varied opinions on Atlassian's stock, with five rating it as a hold, nineteen as a buy, and one as a strong buy, setting a consensus target price of $274.05.

Nvwm LLC acquired a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,990 shares of the technology company's stock, valued at approximately $422,000.

Several other institutional investors and hedge funds have also modified their holdings of TEAM. Clean Yield Group boosted its holdings in shares of Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after purchasing an additional 93 shares during the last quarter. Murphy & Mullick Capital Management Corp bought a new stake in shares of Atlassian in the 4th quarter worth about $27,000. Colonial Trust Co SC increased its holdings in shares of Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after buying an additional 69 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Atlassian in the 4th quarter worth about $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Atlassian in the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 94.45% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Canaccord Genuity Group dropped their target price on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Piper Sandler reaffirmed an "overweight" rating and issued a $300.00 price target (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Cantor Fitzgerald upgraded shares of Atlassian from a "neutral" rating to an "overweight" rating and lowered their target price for the company from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Finally, UBS Group reissued a "hold" rating on shares of Atlassian in a research report on Monday, July 7th. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $274.05.

Atlassian Trading Down 0.6%

Shares of TEAM traded down $1.16 during trading hours on Monday, hitting $201.84. The stock had a trading volume of 1,018,272 shares, compared to its average volume of 2,305,678. The company's fifty day simple moving average is $203.90 and its 200 day simple moving average is $230.10. Atlassian Corporation PLC has a 12-month low of $135.29 and a 12-month high of $326.00. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The firm has a market cap of $52.98 billion, a P/E ratio of -121.59 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the firm posted $0.89 earnings per share. Atlassian's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities research analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $202.55, for a total value of $1,552,545.75. Following the transaction, the chief executive officer owned 352,590 shares in the company, valued at approximately $71,417,104.50. The trade was a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Friday, July 25th. The stock was sold at an average price of $202.55, for a total transaction of $1,552,545.75. Following the completion of the sale, the director owned 352,590 shares of the company's stock, valued at approximately $71,417,104.50. This trade represents a 2.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold 477,253 shares of company stock valued at $98,475,378 in the last ninety days. 38.55% of the stock is owned by corporate insiders.

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.