HB Wealth Management LLC Boosts Stock Position in Atlassian Corporation PLC $TEAM

Key Points

• HB Wealth Management more than doubled its Atlassian position in the second quarter, purchasing 6,554 additional shares to hold 12,615 shares valued at approximately $981,000. Institutional investors collectively own 94.45% of the company.
• Atlassian reported stronger-than-expected quarterly results, with EPS of $1.87 versus the $1.50 consensus estimate and revenue of $1.77 billion, up 27.6% year over year.
• Analyst sentiment remains broadly positive, with 25 Buy ratings, four Holds and one Sell; the stock has a “Moderate Buy” consensus rating and an average price target of $183.81.

HB Wealth Management LLC boosted its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 108.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,615 shares of the technology company's stock after purchasing an additional 6,554 shares during the quarter. HB Wealth Management LLC's holdings in Atlassian were worth $981,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. MV Capital Management Inc. acquired a new position in shares of Atlassian during the fourth quarter worth $25,000. Geneos Wealth Management Inc. boosted its holdings in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after acquiring an additional 161 shares in the last quarter. Basepoint Wealth LLC acquired a new stake in Atlassian in the fourth quarter worth about $32,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Atlassian during the fourth quarter worth about $32,000. Finally, VSM Wealth Advisory LLC purchased a new stake in shares of Atlassian during the fourth quarter worth about $41,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Up 0.1%

NASDAQ:TEAM opened at $179.70 on Friday. The firm has a market capitalization of $45.60 billion, a P/E ratio of -945.79, a PEG ratio of 14.11 and a beta of 1.15. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $198.60. The company's fifty day moving average price is $135.92 and its 200-day moving average price is $99.08. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78.

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

Insider Buying and Selling at Atlassian

In related news, CAO Gene Liu sold 1,125 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the sale, the chief accounting officer directly owned 56,807 shares of the company's stock, valued at $9,941,225. This trade represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the transaction, the chief financial officer owned 279,218 shares of the company's stock, 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. In the last quarter, insiders sold 22,138 shares of company stock worth $3,751,873. Insiders own 36.66% of the company's stock.

Analyst Upgrades and Downgrades

TEAM has been the subject of several research analyst reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Atlassian in a research report on Monday, June 29th. Weiss Ratings reissued a "sell (e+)" rating on shares of Atlassian in a research report on Friday, July 17th. Wall Street Zen lowered shares of Atlassian from a "buy" rating to a "hold" rating in a research note on Saturday, September 5th. Royal Bank Of Canada began coverage on shares of Atlassian in a report on Tuesday, August 25th. They issued an "outperform" rating and a $215.00 price target for the company. Finally, FBN Securities reiterated an "outperform" rating and set a $170.00 price objective on shares of Atlassian in a research note on Monday, August 10th. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Atlassian has a consensus rating of "Moderate Buy" and a consensus target price of $183.81.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.

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