Avantax Advisory Services Inc. Purchases 1,401 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Avantax Advisory Services Inc. increased its position in Atlassian Corporation PLC by 47.3%, acquiring an additional 1,401 shares, bringing its total holdings to 4,361 shares valued at approximately $926,000.
• Institutional investors collectively own 94.45% of Atlassian's stock, with significant expansions in holdings reported by other firms, including Principal Financial Group Inc. increasing their stake by 350.1%.
• Analysts maintain a consensus rating of "Moderate Buy" for Atlassian, with target prices ranging widely; Piper Sandler set a new target of $300.00, while Capital One Financial downgraded their target to $211.00.

Avantax Advisory Services Inc. boosted its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 47.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 4,361 shares of the technology company's stock after purchasing an additional 1,401 shares during the period. Avantax Advisory Services Inc.'s holdings in Atlassian were worth $926,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its position in Atlassian by 37.7% in the 1st quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock worth $80,000 after purchasing an additional 101 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Atlassian by 42.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company's stock worth $900,000 after purchasing an additional 1,259 shares in the last quarter. Principal Financial Group Inc. grew its position in Atlassian by 350.1% in the 1st quarter. Principal Financial Group Inc. now owns 51,900 shares of the technology company's stock worth $11,014,000 after purchasing an additional 40,369 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Atlassian by 47,387.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company's stock valued at $822,000 after acquiring an additional 3,791 shares during the period. Finally, Amalgamated Bank grew its position in shares of Atlassian by 6.1% during the 1st quarter. Amalgamated Bank now owns 11,360 shares of the technology company's stock valued at $2,411,000 after acquiring an additional 650 shares during the period. 94.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on TEAM shares. Piper Sandler reissued an "overweight" rating and set a $300.00 target price (down from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. UBS Group reissued a "hold" rating on shares of Atlassian in a research report on Monday, July 7th. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and reduced their target price for the company from $320.00 to $255.00 in a research report on Monday, April 14th. Raymond James Financial reissued an "outperform" rating and set a $300.00 target price (down from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Finally, Capital One Financial downgraded shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price for the company. in a research report on Wednesday, July 16th. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and an average target price of $274.05.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $221.41, for a total value of $1,759,766.68. Following the transaction, the chief executive officer owned 111,272 shares of the company's stock, valued at $24,636,733.52. This represents a 6.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $214.92, for a total transaction of $1,708,184.16. Following the completion of the transaction, the director directly owned 103,324 shares in the company, valued at $22,206,394.08. The trade was a 7.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 492,017 shares of company stock worth $101,133,506 in the last three months. Insiders own 38.55% of the company's stock.

Atlassian Stock Performance

NASDAQ TEAM opened at $182.96 on Friday. Atlassian Corporation PLC has a 1 year low of $135.29 and a 1 year high of $326.00. 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 market capitalization of $48.03 billion, a PE ratio of -110.22 and a beta of 0.96. The company's 50 day simple moving average is $202.31 and its two-hundred day simple moving average is $228.49.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results 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 business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the prior year, the company posted $0.89 EPS. The business's revenue for the quarter was up 14.1% compared to the same quarter last year. Analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

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.

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