Atlassian Corporation PLC (NASDAQ:TEAM) Shares Acquired by LPL Financial LLC

LPL Financial LLC raised its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 28.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,397 shares of the technology company's stock after purchasing an additional 14,863 shares during the period. LPL Financial LLC's holdings in Atlassian were worth $14,090,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. GeoWealth Management LLC grew its position in shares of Atlassian by 26.8% in the fourth 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 lifted its stake in Atlassian by 21.6% in the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after buying an additional 50 shares in the last quarter. Covenant Partners LLC lifted its stake in Atlassian by 4.2% in the 4th quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock valued at $323,000 after buying an additional 53 shares in the last quarter. First Citizens Bank & Trust Co. increased its position in Atlassian by 4.7% during the first quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock worth $253,000 after buying an additional 54 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its position in Atlassian by 25.9% during the first quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock worth $57,000 after buying an additional 55 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TEAM. BMO Capital Markets reduced their price objective on Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Wells Fargo & Company reduced their target price on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a report on Friday, May 2nd. Macquarie decreased their price target on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Capital One Financial lowered shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price objective for the company. in a research report on Wednesday, July 16th. Finally, Morgan Stanley reduced their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Five 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 stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $274.05.

Insider Activity at Atlassian

In related news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $185.81, for a total transaction of $1,424,233.65. Following the transaction, the director owned 291,270 shares in the company, valued at approximately $54,120,878.70. The trade was a 2.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $185.81, for a total value of $1,424,233.65. Following the completion of the sale, the chief executive officer owned 291,270 shares of the company's stock, valued at approximately $54,120,878.70. This represents a 2.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 522,111 shares of company stock valued at $106,345,639. 38.55% of the stock is owned by insiders.

Atlassian Trading Down 7.8%

Shares of NASDAQ:TEAM traded down $14.50 during trading on Thursday, reaching $171.00. 6,725,109 shares of the stock were exchanged, compared to its average volume of 2,045,737. Atlassian Corporation PLC has a 12-month low of $136.84 and a 12-month high of $326.00. The firm's 50-day moving average price is $200.16 and its 200 day moving average price is $226.70. 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 firm has a market cap of $44.89 billion, a price-to-earnings ratio of -103.01 and a beta of 0.96.

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.