3,127 Shares in Atlassian Corporation PLC (NASDAQ:TEAM) Bought by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,127 shares of the technology company's stock, valued at approximately $664,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Corebridge Financial Inc. lifted its stake in shares of Atlassian by 0.3% in the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after purchasing an additional 35 shares during the period. GeoWealth Management LLC lifted its position in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after buying an additional 38 shares during the period. Assetmark Inc. lifted its position in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after buying an additional 41 shares during the period. True Wealth Design LLC grew its position in shares of Atlassian by 21.6% in the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock worth $69,000 after buying an additional 50 shares during the period. Finally, Covenant Partners LLC increased its stake in shares of Atlassian by 4.2% in the 4th quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock worth $323,000 after acquiring an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Stock Performance

NASDAQ:TEAM traded down $20.84 on Thursday, hitting $200.05. The stock had a trading volume of 3,774,522 shares, compared to its average volume of 2,169,634. Atlassian Corporation PLC has a 52-week low of $135.29 and a 52-week high of $326.00. The stock has a market cap of $52.52 billion, a price-to-earnings ratio of -120.51 and a beta of 0.94. 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 business's 50-day simple moving average is $208.39 and its two-hundred day simple moving average is $234.49.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (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 during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the business posted $0.89 earnings per share. The firm's quarterly revenue was up 14.1% compared to the same quarter last year. As a group, research analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $219.98, for a total value of $1,686,146.70. Following the completion of the sale, the chief executive officer directly owned 444,570 shares of the company's stock, valued at $97,796,508.60. This represents a 1.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $219.98, for a total transaction of $1,686,146.70. Following the sale, the director owned 444,570 shares in the company, valued at $97,796,508.60. The trade was a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 425,579 shares of company stock valued at $89,163,758 over the last 90 days. 38.55% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on TEAM. BMO Capital Markets cut their price objective on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Canaccord Genuity Group lowered 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. KeyCorp reduced their price target on Atlassian from $365.00 to $275.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Jefferies Financial Group dropped their price target on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Finally, Raymond James Financial reissued an "outperform" rating and set a $300.00 price objective (down from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Atlassian currently has an average rating of "Moderate Buy" and an average price target of $282.19.

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.