Allspring Global Investments Holdings LLC Buys 3,791 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Allspring Global Investments Holdings LLC increased its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 47,387.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,799 shares of the technology company's stock after acquiring an additional 3,791 shares during the period. Allspring Global Investments Holdings LLC's holdings in Atlassian were worth $822,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of TEAM. JPMorgan Chase & Co. raised its position in Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in Atlassian during the 4th quarter valued at approximately $687,486,000. Invesco Ltd. raised its position in Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock valued at $595,171,000 after purchasing an additional 1,777,179 shares during the last quarter. Geode Capital Management LLC raised its position in Atlassian by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock valued at $528,851,000 after purchasing an additional 27,899 shares during the last quarter. Finally, Voya Investment Management LLC raised its position in shares of Atlassian by 17,941.0% in the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after acquiring an additional 2,160,810 shares in the last quarter. Institutional investors own 94.45% of the company's stock.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $209.19, for a total value of $1,662,642.12. Following the transaction, the chief executive officer directly owned 158,960 shares of the company's stock, valued at approximately $33,252,842.40. This trade represents a 4.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $206.80, for a total value of $1,643,646.40. Following the completion of the transaction, the director directly owned 174,856 shares in the company, valued at approximately $36,160,220.80. This represents a 4.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 410,249 shares of company stock worth $85,791,465 over the last three months. Insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

TEAM has been the subject of several research reports. Raymond James Financial reissued an "outperform" rating and issued a $300.00 target price (down previously from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Robert W. Baird raised Atlassian from a "neutral" rating to an "outperform" rating and decreased their target price for the stock from $320.00 to $255.00 in a research report on Monday, April 14th. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Finally, KeyCorp cut their price target on Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Four equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $282.19.

Atlassian Stock Performance

Shares of TEAM opened at $220.89 on Thursday. The business's fifty day simple moving average is $208.97 and its two-hundred day simple moving average is $234.84. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a market cap of $57.99 billion, a price-to-earnings ratio of -133.07 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly 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 firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The company's revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.89 EPS. Research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share 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.

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