Federated Hermes Inc. Purchases 79,231 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Federated Hermes Inc. significantly increased its stake in Atlassian Corporation, acquiring 79,231 shares, resulting in a total of 81,229 shares valued at approximately $17.2 million.
• Institutional investors own 94.45% of Atlassian's stock, indicating strong institutional interest in the company.
• Recent insider transactions include the sale of shares by Director Scott Farquhar and CEO Michael Cannon-Brookes, reducing their ownership by 7.14% and 6.67%, respectively.

Federated Hermes Inc. grew its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 3,965.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,229 shares of the technology company's stock after acquiring an additional 79,231 shares during the quarter. Federated Hermes Inc.'s holdings in Atlassian were worth $17,238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. GeoWealth Management LLC increased its position in shares of Atlassian by 26.8% during 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. True Wealth Design LLC increased its position in shares of Atlassian by 21.6% during the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after purchasing an additional 50 shares during the last quarter. Covenant Partners LLC increased its position in shares of Atlassian by 4.2% during the 4th quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock valued at $323,000 after purchasing an additional 53 shares during the last quarter. First Citizens Bank & Trust Co. increased its position in shares of Atlassian by 4.7% during the 1st quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock valued at $253,000 after purchasing an additional 54 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its position in shares of Atlassian by 25.9% during the 1st quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock valued at $57,000 after purchasing an additional 55 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $214.92, for a total value 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. The trade was a 7.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $221.41, for a total value of $1,759,766.68. Following the completion of the transaction, the chief executive officer directly owned 111,272 shares of the company's stock, valued at approximately $24,636,733.52. The trade was a 6.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 492,017 shares of company stock valued at $101,133,506. Corporate insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on TEAM. Barclays cut their target price on Atlassian from $260.00 to $244.00 and set an "overweight" rating on the stock in a research report on Monday, July 21st. Jefferies Financial Group dropped their price objective on Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a report on Monday, April 7th. Wells Fargo & Company dropped their price objective on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Capital One Financial cut Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price objective for the company. in a report on Wednesday, July 16th. Finally, Stephens dropped their price objective on Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a report on Friday, May 2nd. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Atlassian has a consensus rating of "Moderate Buy" and an average price target of $274.05.

Atlassian Trading Down 2.7%

TEAM opened at $191.78 on Friday. The firm has a market cap of $50.34 billion, a price-to-earnings ratio of -115.53 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 Corporation PLC has a 12 month low of $135.29 and a 12 month 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.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly 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 analyst estimates of $1.35 billion. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The business's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.89 EPS. As a group, equities research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal 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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