AE Wealth Management LLC Has $1.32 Million Stock Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• AE Wealth Management LLC has reduced its stake in Atlassian Corporation PLC by 18.8%, selling 1,439 shares during the first quarter, leaving them with a total of 6,208 shares valued at approximately $1.3 million.
• Atlassian reported a quarterly earnings per share (EPS) of $0.97, exceeding analysts' expectations of $0.93, with revenue increasing by 14.1% year-over-year.
• Insider activity includes significant stock sales by both Director Scott Farquhar and CEO Michael Cannon-Brookes, with each selling 7,665 shares at about $202.78 per share, resulting in a total sale value of approximately $1.55 million each.

AE Wealth Management LLC cut its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 18.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,208 shares of the technology company's stock after selling 1,439 shares during the period. AE Wealth Management LLC's holdings in Atlassian were worth $1,317,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Clean Yield Group grew its holdings in shares of Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after purchasing an additional 93 shares during the last quarter. Colonial Trust Co SC lifted its stake in shares of Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after acquiring an additional 69 shares during the period. Summit Securities Group LLC acquired a new position in shares of Atlassian during the fourth quarter valued at $38,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Atlassian during the fourth quarter valued at $39,000. Finally, GeoWealth Management LLC lifted its stake in shares of Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after acquiring an additional 38 shares during the period. Institutional investors own 94.45% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TEAM. Stephens cut their price target on Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a research note on Friday, May 2nd. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Capital One Financial lowered Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price on the stock. in a research note on Wednesday, July 16th. UBS Group reissued a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. Finally, Jefferies Financial Group cut their target price on Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Five investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $274.05.

Atlassian Stock Down 0.6%

TEAM stock traded down $1.16 during mid-day trading on Monday, reaching $201.84. The company had a trading volume of 1,018,272 shares, compared to its average volume of 2,024,678. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The stock has a 50 day simple moving average of $203.90 and a two-hundred day simple moving average of $230.10. The company has a market capitalization of $52.99 billion, a price-to-earnings ratio of -121.59 and a beta of 0.94. Atlassian Corporation PLC has a 52 week low of $135.29 and a 52 week high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. 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 company posted $0.89 EPS. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, equities analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $206.80, for a total value of $1,643,646.40. Following the completion of the sale, the director directly owned 174,856 shares in the company, valued at $36,160,220.80. The trade was a 4.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, May 12th. The shares were sold at an average price of $222.47, for a total value of $1,768,191.56. Following the completion of the transaction, the chief executive officer directly owned 143,064 shares of the company's stock, valued at $31,827,448.08. This represents a 5.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 477,253 shares of company stock valued at $98,475,378 over the last quarter. 38.55% of the stock is currently owned by corporate 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.