Crossmark Global Holdings Inc. Boosts Stock Holdings in Atlassian Corporation PLC (NASDAQ:TEAM)

Crossmark Global Holdings Inc. raised its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 7,161.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 78,133 shares of the technology company's stock after purchasing an additional 77,057 shares during the period. Crossmark Global Holdings Inc.'s holdings in Atlassian were worth $16,581,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Corebridge Financial Inc. grew its holdings in shares of Atlassian by 0.3% during the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock worth $2,555,000 after buying an additional 35 shares in the last quarter. GeoWealth Management LLC boosted its position in Atlassian by 26.8% during 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 last quarter. Assetmark Inc. boosted its position in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after acquiring an additional 41 shares during the last quarter. True Wealth Design LLC boosted its position in Atlassian by 21.6% during the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock worth $69,000 after acquiring an additional 50 shares during the last quarter. Finally, Covenant Partners LLC boosted its position in Atlassian by 4.2% during the fourth quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock worth $323,000 after acquiring an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $213.97, for a total transaction of $1,640,080.05. Following the completion of the sale, the chief executive officer owned 467,565 shares in the company, valued at approximately $100,044,883.05. The trade was a 1.61% decrease in their position. The sale 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 that occurred on Thursday, July 3rd. The stock was sold at an average price of $213.97, for a total value of $1,640,080.05. Following the completion of the transaction, the director owned 467,565 shares of the company's stock, valued at approximately $100,044,883.05. This represents a 1.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 402,867 shares of company stock valued at $84,057,644 in the last quarter. Company insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the topic of several research reports. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and reduced their price target for the stock from $320.00 to $255.00 in a research report on Monday, April 14th. Piper Sandler reiterated an "overweight" rating and issued a $300.00 price target (down from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Barclays lowered their target price on shares of Atlassian from $350.00 to $260.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Finally, UBS Group lowered their target price on shares of Atlassian from $230.00 to $215.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Atlassian presently has an average rating of "Moderate Buy" and an average target price of $282.19.

Atlassian Trading Up 3.2%

Shares of TEAM stock opened at $213.43 on Monday. The firm has a 50-day moving average price of $209.58 and a 200 day moving average price of $235.45. Atlassian Corporation PLC has a twelve month low of $135.29 and a twelve month high of $326.00. The company has a market capitalization of $56.03 billion, a price-to-earnings ratio of -128.57 and a beta of 0.94. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72.

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 return on equity of 23.41% and a negative net margin of 8.66%. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter in the previous year, the business earned $0.89 EPS. The firm's revenue was up 14.1% on a year-over-year basis. Research analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

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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