Atlassian Corporation PLC $TEAM Stock Position Raised by Integrated Wealth Concepts LLC

Key Points

• Integrated Wealth Concepts increased its Atlassian position by 63.3% in the second quarter, buying 8,500 additional shares for a total holding of 21,922 shares valued at approximately $1.7 million. Institutional investors collectively own 94.45% of TEAM.
• Analyst sentiment remains favorable, with 25 Buy ratings, four Holds and one Sell; the stock has a “Moderate Buy” consensus and an average price target of $186.41. Recent firms raised targets as high as $215.
• Atlassian reported quarterly revenue of $1.77 billion and adjusted earnings of $1.87 per share, beating estimates, while revenue grew 27.6% year over year. Shares opened at $189.81, near their 52-week high of $198.60.

Integrated Wealth Concepts LLC grew its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 63.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,922 shares of the technology company's stock after buying an additional 8,500 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Atlassian were worth $1,705,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. New York Life Investment Management LLC raised its position in Atlassian by 6.7% during the fourth quarter. New York Life Investment Management LLC now owns 2,199 shares of the technology company's stock valued at $357,000 after acquiring an additional 139 shares in the last quarter. Coldstream Capital Management Inc. grew its position in Atlassian by 10.7% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,588 shares of the technology company's stock worth $257,000 after acquiring an additional 153 shares in the last quarter. MV Capital Management Inc. acquired a new position in shares of Atlassian during the 4th quarter worth $25,000. State of Wyoming increased its stake in shares of Atlassian by 65.7% during the 1st quarter. State of Wyoming now owns 449 shares of the technology company's stock worth $31,000 after purchasing an additional 178 shares during the last quarter. Finally, Basepoint Wealth LLC bought a new position in shares of Atlassian during the 4th quarter valued at $32,000. Institutional investors own 94.45% of the company's stock.

Insider Buying and Selling

In related news, CFO James Chuong sold 9,054 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the sale, the chief financial officer owned 279,218 shares in the company, valued at $48,151,144.10. This represents a 3.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 7,617 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $163.00, for a total value of $1,241,571.00. Following the completion of the sale, the executive directly owned 220,074 shares in the company, valued at $35,872,062. This trade represents a 3.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 22,138 shares of company stock valued at $3,751,873. Insiders own 36.66% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TEAM. Barclays lifted their price objective on shares of Atlassian from $112.00 to $172.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a report on Sunday. Royal Bank Of Canada assumed coverage on Atlassian in a research report on Tuesday, August 25th. They issued an "outperform" rating and a $215.00 price target for the company. BMO Capital Markets upped their price target on Atlassian from $95.00 to $175.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. Finally, Robert W. Baird set a $200.00 price objective on Atlassian in a report on Friday, August 7th. 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 stock currently has a consensus rating of "Moderate Buy" and an average price target of $186.41.

Atlassian Stock Performance

Shares of TEAM opened at $189.81 on Wednesday. The company has a market capitalization of $48.17 billion, a PE ratio of -999.00, a price-to-earnings-growth ratio of 15.15 and a beta of 1.15. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $198.60. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The company's fifty day moving average price is $140.09 and its 200 day moving average price is $100.97.

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

Atlassian Company Profile

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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