AXS Investments LLC Acquires 1,350 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• AXS Investments LLC increased its holdings in Atlassian Corporation by 25.8%, owning a total of 6,579 shares valued at $1,396,000.
• Insiders, including CEO Michael Cannon-Brookes and Director Scott Farquhar, sold shares amounting to over $1.4 million, indicating a 2.44% decrease in their positions.
• Atlassian has seen mixed analyst ratings, with a consensus of "Moderate Buy" and a target price of $274.05, despite some price cuts from various research firms.

AXS Investments LLC lifted its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 25.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,579 shares of the technology company's stock after purchasing an additional 1,350 shares during the quarter. AXS Investments LLC's holdings in Atlassian were worth $1,396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. GeoWealth Management LLC grew its holdings in shares of Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after acquiring an additional 38 shares during the period. True Wealth Design LLC boosted its position in Atlassian by 21.6% in the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock worth $69,000 after purchasing an additional 50 shares during the last quarter. Covenant Partners LLC boosted its position in Atlassian by 4.2% in the fourth quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock worth $323,000 after purchasing an additional 53 shares during the last quarter. First Citizens Bank & Trust Co. grew its stake in shares of Atlassian by 4.7% during the 1st quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock valued at $253,000 after purchasing an additional 54 shares during the period. Finally, First Horizon Advisors Inc. increased its position in shares of Atlassian by 25.9% during the 1st quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock valued at $57,000 after purchasing an additional 55 shares during the last quarter. 94.45% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $185.43, for a total transaction of $1,421,320.95. Following the completion of the transaction, the director directly owned 306,600 shares in the company, valued at approximately $56,852,838. This represents a 2.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $185.43, for a total value of $1,421,320.95. Following the transaction, the chief executive officer owned 306,600 shares of the company's stock, valued at $56,852,838. This represents a 2.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 514,729 shares of company stock worth $105,159,814. Corporate insiders own 38.55% of the company's stock.

Atlassian Trading Down 0.1%

Shares of Atlassian stock opened at $185.44 on Wednesday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The firm has a market cap of $48.68 billion, a price-to-earnings ratio of -111.71 and a beta of 0.96. Atlassian Corporation PLC has a twelve month low of $136.84 and a twelve month high of $326.00. The business has a 50-day moving average price of $201.37 and a 200-day moving average price of $227.55.

Analyst Ratings Changes

TEAM has been the topic of a number of research reports. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and dropped their price objective for the stock from $320.00 to $255.00 in a report on Monday, April 14th. Barclays dropped their price target on shares of Atlassian from $260.00 to $244.00 and set an "overweight" rating on the stock in a research note on Monday, July 21st. Canaccord Genuity Group reduced their price objective on Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Baird R W upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Finally, UBS Group restated a "hold" rating on shares of Atlassian in a research report on Monday, July 7th. Five equities research 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 has a consensus rating of "Moderate Buy" and a consensus target price of $274.05.

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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