Allianz Asset Management GmbH Raises Stock Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Allianz Asset Management GmbH lifted its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 431.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,493 shares of the technology company's stock after purchasing an additional 64,527 shares during the period. Allianz Asset Management GmbH's holdings in Atlassian were worth $16,912,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Corebridge Financial Inc. increased its stake in shares of Atlassian by 0.3% during the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock worth $2,555,000 after purchasing an additional 35 shares in the last quarter. GeoWealth Management LLC increased its stake in shares of Atlassian by 26.8% during the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after purchasing an additional 38 shares in the last quarter. True Wealth Design LLC boosted its position in Atlassian by 21.6% during the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock worth $69,000 after acquiring an additional 50 shares during the last quarter. Covenant Partners LLC grew its stake in Atlassian by 4.2% in the 4th quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock worth $323,000 after acquiring an additional 53 shares during the period. Finally, First Citizens Bank & Trust Co. grew its stake in Atlassian by 4.7% in the 1st quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock worth $253,000 after acquiring an additional 54 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, May 12th. The shares were sold at an average price of $222.47, for a total transaction of $1,768,191.56. Following the sale, the chief executive officer owned 143,064 shares of the company's stock, valued at $31,827,448.08. The trade was a 5.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $206.80, for a total transaction of $1,643,646.40. Following the sale, the director directly owned 174,856 shares in the company, valued at $36,160,220.80. This trade represents a 4.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 469,871 shares of company stock worth $97,195,068 in the last 90 days. Company insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on TEAM. Oppenheimer lowered their target price on shares of Atlassian from $300.00 to $275.00 and set an "outperform" rating for the company in a research note on Monday, July 21st. Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Morgan Stanley lowered their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Stephens lowered their target price on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a research note on Friday, May 2nd. Finally, Cantor Fitzgerald raised shares of Atlassian from a "neutral" rating to an "overweight" rating and lowered their target price for the stock from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Five equities 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 stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.05.

Atlassian Stock Performance

NASDAQ:TEAM opened at $203.00 on Friday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $53.29 billion, a price-to-earnings ratio of -122.29 and a beta of 0.94. The firm's fifty day simple moving average is $203.90 and its 200 day simple moving average is $230.30. Atlassian Corporation PLC has a twelve month low of $135.29 and a twelve month high of $326.00.

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

Atlassian Company Profile

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.

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