Allworth Financial LP Buys 11,674 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Allworth Financial increased its Atlassian stake by 271% in the second quarter, purchasing 11,674 additional shares for a total holding of 15,981 shares valued at approximately $1.24 million. Institutional investors collectively own 94.45% of TEAM.
• Atlassian reported stronger-than-expected quarterly results, with EPS of $1.87 versus the $1.50 consensus and revenue of $1.77 billion, up 27.6% year over year.
• Analyst sentiment remains favorable: 25 analysts rate the stock Buy, with a consensus “Moderate Buy” rating and an average price target of $183.81. TEAM recently traded at $179.70, near its 52-week high of $198.60.

Allworth Financial LP boosted its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 271.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,981 shares of the technology company's stock after acquiring an additional 11,674 shares during the period. Allworth Financial LP's holdings in Atlassian were worth $1,243,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of TEAM. Arizona State Retirement System lifted its stake in Atlassian by 6.5% in the 2nd quarter. Arizona State Retirement System now owns 48,629 shares of the technology company's stock worth $3,783,000 after purchasing an additional 2,969 shares in the last quarter. Waverly Advisors LLC bought a new position in shares of Atlassian during the 2nd quarter valued at about $815,000. Nykredit A S purchased a new position in shares of Atlassian during the second quarter valued at about $5,268,000. Parkside Financial Bank & Trust grew its position in shares of Atlassian by 548.8% during the second quarter. Parkside Financial Bank & Trust now owns 785 shares of the technology company's stock valued at $61,000 after purchasing an additional 664 shares in the last quarter. Finally, Corient Private Wealth LP increased its holdings in shares of Atlassian by 50.6% in the second quarter. Corient Private Wealth LP now owns 24,745 shares of the technology company's stock worth $1,925,000 after purchasing an additional 8,315 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Stock Performance

NASDAQ TEAM opened at $179.70 on Friday. The business's 50 day moving average price is $135.92 and its 200-day moving average price is $99.08. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $198.60. The company has a market cap of $45.60 billion, a P/E ratio of -945.79, a P/E/G ratio of 14.12 and a beta of 1.15. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the company earned $0.98 earnings per share. Atlassian's revenue was up 27.6% on a year-over-year basis. Sell-side analysts predict that Atlassian Corporation PLC will post 0.94 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TEAM shares. Sanford C. Bernstein reiterated an "outperform" rating on shares of Atlassian in a research report on Monday, June 29th. BMO Capital Markets lifted their price objective on Atlassian from $95.00 to $175.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. Wells Fargo & Company upped their price objective on Atlassian from $140.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Truist Financial increased their target price on Atlassian from $160.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. Finally, Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $183.81.

Insider Activity at Atlassian

In other Atlassian news, CAO Gene Liu sold 1,125 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total value of $196,875.00. Following the transaction, the chief accounting officer owned 56,807 shares of the company's stock, valued at $9,941,225. This represents a 1.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO James Chuong sold 9,054 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the sale, the chief financial officer owned 279,218 shares in the company, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 22,138 shares of company stock worth $3,751,873 in the last quarter. 36.66% of the stock is owned by company insiders.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.

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