Avalon Global Asset Management LLC Buys New Stake in Atlassian Corporation PLC $TEAM

Key Points

• Avalon Global Asset Management LLC has acquired 15,000 shares of Atlassian Corporation PLC (NASDAQ:TEAM), worth approximately $3.18 million, during the first quarter.
• In the first quarter, several hedge funds increased their stakes in Atlassian, with Massachusetts Financial Services Co. raising its stake by 21.8%, now holding shares valued at $730.2 million.
• CEO Michael Cannon-Brookes and CTO Rajeev Bashyam Rajan recently sold shares of Atlassian, with Cannon-Brookes selling 7,665 shares for about $1.3 million, marking a 3.7% reduction in his holdings.

Avalon Global Asset Management LLC acquired a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 15,000 shares of the technology company's stock, valued at approximately $3,183,000.

A number of other large investors also recently modified their holdings of the business. Clean Yield Group raised its holdings in Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after acquiring an additional 93 shares during the period. Colonial Trust Co SC raised its holdings in Atlassian by 100.0% in the 4th 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. Smithfield Trust Co raised its holdings in Atlassian by 90.7% in the 1st quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock valued at $34,000 after acquiring an additional 78 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in Atlassian by 82.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock valued at $52,000 after acquiring an additional 110 shares during the period. Finally, First Horizon Advisors Inc. raised its holdings in Atlassian by 25.9% in the 1st quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock valued at $57,000 after acquiring an additional 55 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TEAM has been the topic of a number of recent analyst reports. Mizuho decreased their price objective on shares of Atlassian from $265.00 to $235.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. BMO Capital Markets decreased their price objective on shares of Atlassian from $225.00 to $200.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. UBS Group reaffirmed a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. Wells Fargo & Company decreased their target price on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a research note on Friday, May 2nd. Finally, Truist Financial set a $230.00 target price on shares of Atlassian in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $256.90.

Insider Activity

In related news, CTO Rajeev Bashyam Rajan sold 3,517 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $163.43, for a total transaction of $574,783.31. Following the sale, the chief technology officer owned 143,898 shares of the company's stock, valued at $23,517,250.14. The trade was a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $171.13, for a total transaction of $1,311,711.45. Following the completion of the transaction, the director directly owned 176,295 shares of the company's stock, valued at $30,169,363.35. This trade represents a 4.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 524,332 shares of company stock valued at $100,882,412. Corporate insiders own 38.55% of the company's stock.

Atlassian Stock Performance

Shares of Atlassian stock traded up $1.00 on Friday, reaching $177.78. 2,893,757 shares of the company traded hands, compared to its average volume of 2,387,865. Atlassian Corporation PLC has a 52 week low of $154.07 and a 52 week high of $326.00. The company has a 50 day moving average of $188.49 and a 200 day moving average of $214.00. The firm has a market capitalization of $46.64 billion, a PE ratio of -179.57 and a beta of 0.96. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.22 and a quick ratio of 1.22.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.15. The business had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.36 billion. Atlassian had a negative net margin of 4.92% and a negative return on equity of 14.77%. The business's revenue for the quarter was up 22.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 EPS. Atlassian has set its Q1 2026 guidance at EPS. FY 2026 guidance at EPS. Equities analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current 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.