EFG Asset Management Americas Corp. Invests $741,000 in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• EFG Asset Management Americas Corp. invested $741,000 in Atlassian Corporation PLC, acquiring 3,491 shares of the company in the first quarter.
• Notable stock sales by insiders include Director Scott Farquhar and CEO Michael Cannon-Brookes, who collectively sold nearly 16,000 shares valued at over $3.4 million.
• Atlassian's stock saw a recent decline of 2.7%, opening at $191.78, with price targets from major analysts ranging from $211.00 to $315.00.

EFG Asset Management Americas Corp. purchased a new position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,491 shares of the technology company's stock, valued at approximately $741,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Clean Yield Group increased its holdings 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 during the last quarter. Colonial Trust Co SC increased its holdings 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 during the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new position in Atlassian in the fourth quarter worth approximately $39,000. GeoWealth Management LLC increased its holdings in Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after buying an additional 38 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Atlassian by 82.7% during the first 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. Institutional investors and hedge funds own 94.45% of the company's stock.

Insider Buying and Selling at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Monday, May 19th. The stock was sold at an average price of $214.92, for a total transaction of $1,708,184.16. Following the completion of the transaction, the director directly owned 103,324 shares of the company's stock, valued at approximately $22,206,394.08. This trade represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $221.41, for a total transaction of $1,759,766.68. Following the completion of the sale, the chief executive officer directly owned 111,272 shares in the company, valued at approximately $24,636,733.52. The trade was a 6.67% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 492,017 shares of company stock valued at $101,133,506. 38.55% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on TEAM. Wells Fargo & Company lowered their price target on Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a report on Friday, May 2nd. Jefferies Financial Group lowered their price target on Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a report on Monday, April 7th. UBS Group reiterated a "hold" rating on shares of Atlassian in a report on Monday, July 7th. Raymond James Financial reiterated an "outperform" rating and set a $300.00 price target (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Finally, Capital One Financial downgraded Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target on the stock. in a report on Wednesday, July 16th. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Atlassian currently has an average rating of "Moderate Buy" and an average target price of $274.05.

Atlassian Stock Down 2.7%

Shares of TEAM stock opened at $191.78 on Friday. The stock has a market cap of $50.34 billion, a P/E ratio of -115.53 and a beta of 0.94. Atlassian Corporation PLC has a one year low of $135.29 and a one year high of $326.00. The stock has a fifty day moving average price of $202.78 and a 200 day moving average price of $229.08. 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 (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion during 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%. Atlassian's quarterly revenue was up 14.1% compared to the same quarter last year. During the same period last year, the business earned $0.89 earnings per share. Analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Atlassian Profile

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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