Kestra Private Wealth Services LLC Acquires 1,340 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Kestra Private Wealth Services LLC raised its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 28.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,099 shares of the technology company's stock after acquiring an additional 1,340 shares during the quarter. Kestra Private Wealth Services LLC's holdings in Atlassian were worth $1,294,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Massachusetts Financial Services Co. MA bought a new position in Atlassian during the fourth quarter worth $687,486,000. Voya Investment Management LLC boosted its position in Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after purchasing an additional 2,160,810 shares during the period. JPMorgan Chase & Co. boosted its position in Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares during the period. Invesco Ltd. boosted its position in Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after purchasing an additional 1,777,179 shares during the period. Finally, Durable Capital Partners LP boosted its position in Atlassian by 499.7% during the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after purchasing an additional 1,312,820 shares during the period. 94.45% of the stock is owned by institutional investors.

Atlassian Stock Up 2.1%

TEAM stock opened at $198.44 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market capitalization of $52.09 billion, a price-to-earnings ratio of -119.54 and a beta of 0.94. Atlassian Corporation PLC has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The stock has a fifty day moving average of $205.74 and a 200-day moving average of $231.41.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The company's revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the company posted $0.89 EPS. As a group, equities research analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on 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 sale, the director directly owned 111,272 shares in the company, valued at $24,636,733.52. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $221.41, for a total value of $1,759,766.68. Following the sale, the chief executive officer owned 111,272 shares in the company, valued at $24,636,733.52. This represents a 6.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 462,489 shares of company stock worth $95,907,417 over the last three months. Insiders own 38.55% of the company's stock.

Analyst Upgrades and Downgrades

TEAM has been the subject of a number of research reports. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Mizuho lowered their target price on Atlassian from $290.00 to $265.00 and set an "outperform" rating for the company in a research note on Wednesday, July 16th. Raymond James Financial restated an "outperform" rating and set a $300.00 price target (down from $330.00) on shares of Atlassian in a report on Friday, May 2nd. UBS Group restated a "hold" rating on shares of Atlassian in a report on Monday, July 7th. Finally, Oppenheimer reduced their price target on Atlassian from $300.00 to $275.00 and set an "outperform" rating on the stock in a report on Monday. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and an average price target of $274.05.

About Atlassian

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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