Allspring Global Investments Holdings LLC Increases Stock Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Allspring Global Investments Holdings LLC boosted its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 47,387.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its stake in Atlassian by 51.5% in the fourth quarter. Jones Financial Companies Lllp now owns 1,227 shares of the technology company's stock worth $299,000 after acquiring an additional 417 shares during the period. Steward Partners Investment Advisory LLC raised its holdings in shares of Atlassian by 7.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,252 shares of the technology company's stock valued at $305,000 after purchasing an additional 88 shares in the last quarter. Assetmark Inc. lifted its position in shares of Atlassian by 30.6% in the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after purchasing an additional 41 shares during the period. Atria Investments Inc boosted its stake in shares of Atlassian by 13.1% during the fourth quarter. Atria Investments Inc now owns 5,356 shares of the technology company's stock valued at $1,303,000 after purchasing an additional 620 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Atlassian during the fourth quarter valued at approximately $22,390,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Trading Down 9.4%

NASDAQ TEAM traded down $20.84 during trading on Thursday, hitting $200.05. The stock had a trading volume of 3,774,522 shares, compared to its average volume of 2,169,634. The company has a market capitalization of $52.52 billion, a PE ratio of -120.51 and a beta of 0.94. Atlassian Corporation PLC has a twelve month low of $135.29 and a twelve month high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The firm has a 50 day moving average price of $208.97 and a 200 day moving average price of $234.84.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping 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 the consensus estimate of $1.35 billion. During the same period in the prior year, the firm earned $0.89 EPS. The firm's revenue for the quarter was up 14.1% on a year-over-year basis. As a group, equities research analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Piper Sandler reiterated an "overweight" rating and set a $300.00 price objective (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and reduced their target price for the stock from $320.00 to $255.00 in a report on Monday, April 14th. Macquarie lowered their price objective on Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. UBS Group restated a "hold" rating on shares of Atlassian in a research report on Monday. Finally, Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Four research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $282.19.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $209.19, for a total transaction of $1,662,642.12. Following the completion of the transaction, the chief executive officer owned 158,960 shares in the company, valued at $33,252,842.40. The trade was a 4.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 of the company's stock, valued at approximately $36,160,220.80. This trade represents a 4.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 410,249 shares of company stock valued at $85,791,465. 38.55% of the stock is currently owned by company insiders.

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.