Jessup Wealth Management Inc Takes $6.50 Million Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Jessup Wealth Management Inc bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 30,612 shares of the technology company's stock, valued at approximately $6,496,000. Atlassian makes up about 2.7% of Jessup Wealth Management Inc's investment portfolio, making the stock its 14th largest position.

Several other large investors have also recently made changes to their positions in the business. Jones Financial Companies Lllp raised its stake in Atlassian by 51.5% during the fourth quarter. Jones Financial Companies Lllp now owns 1,227 shares of the technology company's stock valued at $299,000 after buying an additional 417 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in Atlassian by 7.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,252 shares of the technology company's stock valued at $305,000 after buying an additional 88 shares during the last quarter. Victory Capital Management Inc. raised its stake in Atlassian by 2.2% during the fourth quarter. Victory Capital Management Inc. now owns 120,881 shares of the technology company's stock valued at $29,420,000 after buying an additional 2,655 shares during the last quarter. Assetmark Inc. raised its stake in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after buying an additional 41 shares during the last quarter. Finally, Atria Investments Inc raised its stake in Atlassian by 13.1% during the fourth quarter. Atria Investments Inc now owns 5,356 shares of the technology company's stock valued at $1,303,000 after buying an additional 620 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Stock Performance

NASDAQ:TEAM traded up $2.52 during mid-day trading on Monday, hitting $216.05. 2,102,705 shares of the company traded hands, compared to its average volume of 2,158,810. The stock's fifty day moving average price is $209.58 and its 200-day moving average price is $235.45. Atlassian Corporation PLC has a one year low of $135.29 and a one 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 cap of $56.72 billion, a price-to-earnings ratio of -130.15 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 EPS for the quarter, beating the consensus estimate 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 business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business earned $0.89 earnings per share. The business's revenue was up 14.1% on a year-over-year basis. Research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Raymond James Financial restated an "outperform" rating and issued a $300.00 price target (down previously from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. Macquarie decreased their price target on Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Canaccord Genuity Group decreased their price target on Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Baird R W upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, Morgan Stanley decreased their price target on Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $282.19.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $225.64, for a total value of $1,793,386.72. Following the sale, the chief executive officer owned 206,648 shares in the company, valued at $46,628,054.72. The trade was a 3.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total value of $1,643,646.40. Following the transaction, the director owned 174,856 shares of the company's stock, valued at approximately $36,160,220.80. The trade was a 4.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 402,867 shares of company stock valued at $84,057,644 over the last 90 days. 38.55% of the stock is currently owned by corporate insiders.

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.