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

Allspring Global Investments Holdings LLC boosted its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 47,387.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,799 shares of the technology company's stock after buying an additional 3,791 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Atlassian were worth $822,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Atlassian by 10.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,993 shares of the technology company's stock valued at $15,715,000 after acquiring an additional 7,190 shares during the last quarter. Paragon Capital Management Inc. acquired a new position in Atlassian in the 1st quarter worth about $685,000. Transcend Capital Advisors LLC raised its position in Atlassian by 26.2% in the first quarter. Transcend Capital Advisors LLC now owns 1,580 shares of the technology company's stock valued at $335,000 after purchasing an additional 328 shares during the last quarter. Diversified Trust Co boosted its stake in shares of Atlassian by 40.6% during the first quarter. Diversified Trust Co now owns 20,925 shares of the technology company's stock valued at $4,440,000 after purchasing an additional 6,044 shares in the last quarter. Finally, Board of the Pension Protection Fund bought a new stake in shares of Atlassian during the first quarter worth about $340,000. Institutional investors own 94.45% of the company's stock.

Wall Street Analyst Weigh In

TEAM has been the topic of several recent research reports. Morgan Stanley cut their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company reduced their price objective on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a research note on Friday, May 2nd. Truist Financial lowered their target price on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and reduced their price target for the company from $320.00 to $255.00 in a research report on Monday, April 14th. Finally, Cantor Fitzgerald upgraded Atlassian from a "neutral" rating to an "overweight" rating and lowered their price objective for the stock from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued 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 price target of $282.19.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $219.98, for a total value of $1,686,146.70. Following the transaction, the chief executive officer directly owned 444,570 shares of the company's stock, valued at approximately $97,796,508.60. This trade represents a 1.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the business's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $219.98, for a total transaction of $1,686,146.70. Following the sale, the director directly owned 444,570 shares of the company's stock, valued at approximately $97,796,508.60. The trade was a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 417,631 shares of company stock valued at $87,606,665. 38.55% of the stock is currently owned by insiders.

Atlassian Stock Down 6.5%

Shares of NASDAQ TEAM traded down $13.04 during trading on Friday, hitting $187.01. 3,553,326 shares of the company traded hands, compared to its average volume of 2,179,769. 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 business's fifty day moving average is $207.96 and its 200 day moving average is $234.00. The firm has a market capitalization of $49.09 billion, a price-to-earnings ratio of -112.66 and a beta of 0.94. Atlassian Corporation PLC has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping 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 return on equity of 23.41% and a negative net margin of 8.66%. The company's quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 earnings per share. Equities research analysts predict 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.