Curated Wealth Partners LLC Buys 11,232 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Curated Wealth Partners bought 11,232 Atlassian shares worth approximately $2.0 million in the third quarter, while several other institutional investors also established or increased positions. Institutions collectively own 94.45% of TEAM.
• Analysts remain broadly bullish, with 25 Buy ratings, four Holds and one Sell; the stock has a consensus rating of Moderate Buy and an average price target of $196.
• Atlassian reported quarterly revenue of $1.77 billion, up 27.6% year over year, and adjusted earnings of $1.87 per share, exceeding estimates. Shares recently traded near $213, close to the 12-month high of $214.77, while insiders sold shares primarily to cover tax obligations.

Curated Wealth Partners LLC purchased a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 11,232 shares of the technology company's stock, valued at approximately $2,014,000.

Several other large investors also recently bought and sold shares of TEAM. WealthPlan Investment Management LLC purchased a new stake in shares of Atlassian during the third quarter worth approximately $246,000. Fortitude Family Office LLC increased its position in shares of Atlassian by 23.0% during the third quarter. Fortitude Family Office LLC now owns 289 shares of the technology company's stock worth $52,000 after acquiring an additional 54 shares during the last quarter. Western Financial Corp CA bought a new stake in shares of Atlassian in the 3rd quarter worth about $598,000. Sanders Morris Harris LLC acquired a new position in Atlassian in the third quarter valued at approximately $4,644,000. Finally, Seelaus Asset Management LLC acquired a new stake in Atlassian in the 3rd quarter valued at approximately $558,000. Hedge funds and other institutional investors own 94.45% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Truist Financial boosted their price objective on Atlassian from $160.00 to $185.00 and gave the stock a "buy" rating in a report on Thursday, August 20th. Guggenheim upped their target price on shares of Atlassian from $115.00 to $165.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Mizuho set a $215.00 price objective on Atlassian in a research note on Monday, September 14th. Cantor Fitzgerald boosted their price objective on shares of Atlassian from $175.00 to $220.00 and gave the stock an "overweight" rating in a research note on Monday, September 21st. Finally, Citigroup upped their target price on Atlassian from $170.00 to $225.00 and gave the stock a "buy" rating in a research note on Tuesday, September 1st. Twenty-five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $196.00.

Insider Activity at Atlassian

In other news, CRO Brian Duffy sold 7,617 shares of the business's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the sale, the executive owned 220,074 shares in the company, valued at approximately $35,872,062. The trade was a 3.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the sale, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 22,475 shares of company stock worth $3,822,643 over the last 90 days. 36.66% of the stock is owned by company insiders.

Atlassian Stock Performance

Shares of NASDAQ:TEAM traded up $8.64 during midday trading on Thursday, reaching $213.30. 1,611,293 shares of the company traded hands, compared to its average volume of 5,673,894. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $214.77. The firm's fifty day moving average price is $181.48 and its two-hundred day moving average price is $118.43. The firm has a market capitalization of $54.13 billion, a price-to-earnings ratio of -1,123.98, a price-to-earnings-growth ratio of 16.35 and a beta of 1.22.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the business earned $0.98 earnings per share. The company's quarterly revenue was up 27.6% on a year-over-year basis. On average, equities analysts expect that Atlassian Corporation PLC will post 0.94 earnings per share for the current year.

Atlassian Company Profile

Atlassian Corporation develops collaboration, productivity and workflow-management software for technology, business and enterprise teams. Its products are designed to help organizations plan projects, manage software development, document and share knowledge, provide IT and customer support, and coordinate work across distributed teams.

Its product portfolio includes Jira for project and issue management, Confluence for team collaboration and knowledge sharing, Jira Service Management for IT service and support operations, and Trello for organizing tasks and projects.

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