Atlassian Corporation PLC (NASDAQ:TEAM) Shares Bought by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC has significantly increased its stake in Atlassian Corporation PLC by 422.6%, owning 7,850 shares valued at approximately $1.67 million.
• Investment analysts have cut their price targets for Atlassian, with BMO Capital Markets reducing their target from $295 to $245, while the stock receives a consensus rating of "Moderate Buy."
• CEO Michael Cannon-Brookes and Director Scott Farquhar both sold shares recently, with insider sales totaling over $101 million in the last quarter.

HB Wealth Management LLC grew its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 422.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,850 shares of the technology company's stock after buying an additional 6,348 shares during the period. HB Wealth Management LLC's holdings in Atlassian were worth $1,666,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Corebridge Financial Inc. grew its position in Atlassian by 0.3% during the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after purchasing an additional 35 shares during the last quarter. GeoWealth Management LLC boosted its holdings 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 acquiring an additional 38 shares during the last quarter. True Wealth Design LLC boosted its holdings 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 acquiring an additional 50 shares during the last quarter. Covenant Partners LLC boosted its holdings 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 acquiring an additional 53 shares during the last quarter. Finally, First Citizens Bank & Trust Co. lifted its stake in shares of Atlassian by 4.7% in the 1st quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock worth $253,000 after purchasing an additional 54 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on TEAM shares. Baird R W upgraded shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Robert W. Baird upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and cut their price target for the stock from $320.00 to $255.00 in a report on Monday, April 14th. UBS Group reaffirmed a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. Macquarie lowered their price objective on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Finally, Piper Sandler reiterated an "overweight" rating and issued a $300.00 target price (down from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Atlassian currently has an average rating of "Moderate Buy" and an average target price of $274.05.

Atlassian Stock Performance

TEAM traded down $2.87 during trading on Wednesday, hitting $197.19. 1,376,312 shares of the stock were exchanged, compared to its average volume of 2,290,248. The stock has a fifty day moving average price of $203.36 and a two-hundred day moving average price of $229.61. Atlassian Corporation PLC has a 1-year low of $135.29 and a 1-year high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $51.76 billion, a P/E ratio of -118.79 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the company posted $0.89 earnings per share. Atlassian's quarterly revenue was up 14.1% on a year-over-year basis. As a group, sell-side analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $202.05, for a total transaction of $1,548,713.25. Following the transaction, the chief executive officer directly owned 344,925 shares in the company, valued at approximately $69,692,096.25. This represents a 2.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $202.05, for a total value of $1,548,713.25. Following the transaction, the director owned 344,925 shares in the company, valued at $69,692,096.25. This trade represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 484,635 shares of company stock worth $99,779,418 in the last three months. 38.55% of the stock is owned by corporate insiders.

Atlassian Company 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.