Atlassian Co. (NASDAQ:TEAM) Stake Boosted by Merit Financial Group LLC

Merit Financial Group LLC boosted its position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 224.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,679 shares of the technology company's stock after acquiring an additional 6,696 shares during the quarter. Merit Financial Group LLC's holdings in Atlassian were worth $2,054,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of TEAM. Murphy & Mullick Capital Management Corp bought a new position in shares of Atlassian in the fourth quarter worth about $27,000. Colonial Trust Co SC boosted its stake in shares of Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after acquiring an additional 69 shares during the period. Summit Securities Group LLC bought a new position in shares of Atlassian in the fourth quarter worth about $38,000. Pilgrim Partners Asia Pte Ltd bought a new position in Atlassian during the fourth quarter valued at approximately $39,000. Finally, Avion Wealth boosted its stake in Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company's stock valued at $41,000 after buying an additional 157 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TEAM. Cantor Fitzgerald raised Atlassian from a "neutral" rating to an "overweight" rating and decreased their price objective for the stock from $304.00 to $272.00 in a report on Wednesday, April 2nd. BMO Capital Markets decreased their price target on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Stephens decreased their price objective on Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a research report on Friday, May 2nd. Raymond James restated an "outperform" rating and set a $300.00 price objective (down from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Finally, Piper Sandler restated an "overweight" rating and set a $300.00 price objective (down from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $285.29.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $216.09, for a total transaction of $1,717,483.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Joseph Leo Binz sold 3,027 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total value of $682,618.77. Following the completion of the sale, the chief financial officer now directly owns 164,559 shares of the company's stock, valued at approximately $37,109,700.09. This represents a 1.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 329,047 shares of company stock worth $70,283,469. 38.55% of the stock is currently owned by corporate insiders.

Atlassian Price Performance

NASDAQ:TEAM traded up $0.48 during trading hours on Monday, reaching $214.99. 1,594,967 shares of the company traded hands, compared to its average volume of 2,101,622. The firm's 50-day moving average is $209.62 and its 200-day moving average is $244.30. The stock has a market cap of $56.44 billion, a P/E ratio of -160.44 and a beta of 0.96. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the company earned $0.89 EPS. The firm's quarterly revenue was up 14.1% on a year-over-year basis. Equities research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Atlassian 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.