Cetera Investment Advisers Boosts Stake in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Cetera Investment Advisers increased its stake in Atlassian Corporation PLC by 19.8% during the first quarter, owning 24,729 shares valued at $5.25 million.
• In related transactions, CEO Michael Cannon-Brookes and Director Scott Farquhar both sold 7,665 shares at an average price of $197.88, totaling approximately $1.5 million each.
• Atlassian's stock currently has a market cap of $48.03 billion and a consensus rating of "Moderate Buy" with an average price target of $274.05.

Cetera Investment Advisers increased its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 19.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 24,729 shares of the technology company's stock after purchasing an additional 4,090 shares during the period. Cetera Investment Advisers' holdings in Atlassian were worth $5,248,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Clean Yield Group lifted its holdings in shares of 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 purchasing an additional 93 shares during the last quarter. Colonial Trust Co SC lifted its holdings in shares of 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 purchasing an additional 69 shares during the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Atlassian in the 4th quarter valued at about $39,000. GeoWealth Management LLC lifted its holdings in shares of Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after purchasing an additional 38 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in shares of 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 purchasing an additional 110 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $197.88, for a total value of $1,516,750.20. Following the sale, the chief executive officer owned 329,595 shares in the company, valued at $65,220,258.60. This represents a 2.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $197.88, for a total value of $1,516,750.20. Following the completion of the sale, the director owned 329,595 shares in the company, valued at approximately $65,220,258.60. This represents a 2.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 492,017 shares of company stock worth $101,133,506. Insiders own 38.55% of the company's stock.

Atlassian Stock Performance

TEAM opened at $182.96 on Friday. The stock has a market cap of $48.03 billion, a P/E ratio of -110.22 and a beta of 0.96. 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's 50 day simple moving average is $202.31 and its 200 day simple moving average is $228.49. Atlassian Corporation PLC has a 1-year low of $135.29 and a 1-year high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The company's revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.89 EPS. As a group, equities analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Analyst Ratings Changes

TEAM has been the subject of several research reports. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Stephens dropped their price target on Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a research report on Friday, May 2nd. Morgan Stanley dropped their price target on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. UBS Group restated a "hold" rating on shares of Atlassian in a research report on Monday, July 7th. Finally, Wells Fargo & Company dropped their price target on Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a research report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Atlassian has a consensus rating of "Moderate Buy" and an average price target of $274.05.

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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