Atlassian Corporation PLC (NASDAQ:TEAM) Shares Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 70.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,407 shares of the technology company's stock after acquiring an additional 8,840 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Atlassian were worth $4,543,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TEAM. Massachusetts Financial Services Co. MA acquired a new position in Atlassian during the fourth quarter worth about $687,486,000. Voya Investment Management LLC raised its position in Atlassian by 17,941.0% during the fourth 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 during the last quarter. JPMorgan Chase & Co. raised its position in Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares during the last quarter. Invesco Ltd. raised its position in Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after acquiring an additional 1,777,179 shares during the last quarter. Finally, Durable Capital Partners LP raised its position in Atlassian by 499.7% during the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after acquiring an additional 1,312,820 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Canaccord Genuity Group cut their target price on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Wells Fargo & Company cut their price objective on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Morgan Stanley cut their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Raymond James Financial reissued an "outperform" rating and issued a $300.00 price objective (down previously from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Finally, Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and cut their price objective for the company from $320.00 to $255.00 in a research report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $282.19.

Atlassian Price Performance

TEAM opened at $198.36 on Thursday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a 50 day moving average of $209.89 and a two-hundred day moving average of $238.82. The company has a market cap of $52.07 billion, a P/E ratio of -119.49 and a beta of 0.96.

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

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $209.73, for a total value of $1,666,934.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 7,674 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the completion of the transaction, the president now owns 192,260 shares of the company's stock, valued at $43,356,552.60. This trade represents a 3.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 381,287 shares of company stock worth $79,609,626 over the last ninety days. 38.55% of the stock is owned by company insiders.

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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