Cerity Partners LLC Buys 15,516 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Cerity Partners LLC grew its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 73.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,664 shares of the technology company's stock after acquiring an additional 15,516 shares during the period. Cerity Partners LLC's holdings in Atlassian were worth $7,780,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Murphy & Mullick Capital Management Corp bought a new position in Atlassian in the fourth quarter worth approximately $27,000. Clean Yield Group raised its stake in Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after buying an additional 93 shares in the last quarter. Colonial Trust Co SC raised its stake in Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after buying an additional 69 shares in the last quarter. Summit Securities Group LLC bought a new position in Atlassian in the fourth quarter worth approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Atlassian in the fourth quarter worth approximately $39,000. Institutional investors own 94.45% of the company's stock.

Atlassian Price Performance

Shares of TEAM opened at $187.69 on Wednesday. The firm has a market capitalization of $49.27 billion, a PE ratio of -113.07 and a beta of 0.94. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. Atlassian Corporation PLC has a 1-year low of $135.29 and a 1-year high of $326.00. The company's fifty day moving average price is $207.24 and its 200-day moving average price is $232.97.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating 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 company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the company earned $0.89 earnings per share. The firm's revenue was up 14.1% on a year-over-year basis. On average, equities research analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $192.06, for a total value of $1,472,139.90. Following the sale, the chief executive officer directly owned 421,575 shares of the company's stock, valued at approximately $80,967,694.50. This represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $192.06, for a total transaction of $1,472,139.90. Following the completion of the sale, the director directly owned 421,575 shares in the company, valued at approximately $80,967,694.50. The trade was a 1.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 432,395 shares of company stock worth $90,260,299. 38.55% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

TEAM has been the subject of a number of recent research reports. Macquarie reduced their price objective on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and issued a $300.00 price objective (down previously from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and reduced their price objective for the stock from $320.00 to $255.00 in a research note on Monday, April 14th. Mizuho reduced their price objective on shares of Atlassian from $325.00 to $290.00 and set an "outperform" rating for the company in a research note on Thursday, June 12th. Finally, Truist Financial reduced their price target on Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Four 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. According to data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and an average target price of $285.75.

About Atlassian

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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