Maxi Investments CY Ltd Purchases New Shares in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Maxi Investments CY Ltd acquired a new stake of 26,700 shares in Atlassian Corporation PLC during the 1st quarter, valued at approximately $5,666,000, making it the fund's 25th largest position.
• Several institutional investors, including Clean Yield Group and MassMutual Private Wealth & Trust FSB, significantly increased their holdings in Atlassian, with 94.45% of the stock owned by institutional investors.
• Atlassian's stock has a market cap of $48.75 billion and has recently experienced price target revisions from various analysts, with estimates ranging from $211.00 to $300.00.

Maxi Investments CY Ltd 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 Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 26,700 shares of the technology company's stock, valued at approximately $5,666,000. Atlassian comprises approximately 1.1% of Maxi Investments CY Ltd's portfolio, making the stock its 25th largest holding.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TEAM. Farther Finance Advisors LLC increased its stake in shares of Atlassian by 37.7% in the first quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock worth $80,000 after acquiring an additional 101 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in shares of Atlassian by 42.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company's stock worth $900,000 after acquiring an additional 1,259 shares during the period. Principal Financial Group Inc. increased its stake in shares of Atlassian by 350.1% in the first quarter. Principal Financial Group Inc. now owns 51,900 shares of the technology company's stock worth $11,014,000 after acquiring an additional 40,369 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Atlassian by 47,387.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company's stock worth $822,000 after acquiring an additional 3,791 shares during the period. Finally, Amalgamated Bank increased its stake in shares of Atlassian by 6.1% in the first quarter. Amalgamated Bank now owns 11,360 shares of the technology company's stock worth $2,411,000 after acquiring an additional 650 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Insider Activity at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of the business's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $185.43, for a total transaction of $1,421,320.95. Following the completion of the transaction, the director owned 306,600 shares in the company, valued at $56,852,838. The trade was a 2.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $185.43, for a total transaction of $1,421,320.95. Following the transaction, the chief executive officer owned 306,600 shares of the company's stock, valued at $56,852,838. This trade represents a 2.44% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 514,729 shares of company stock worth $105,159,814. 38.55% of the stock is owned by insiders.

Atlassian Trading Up 0.0%

TEAM stock traded up $0.06 during trading on Wednesday, reaching $185.50. 2,987,393 shares of the stock were exchanged, compared to its average volume of 1,977,906. The business has a 50 day moving average price of $200.82 and a 200-day moving average price of $227.26. The firm has a market capitalization of $48.70 billion, a price-to-earnings ratio of -111.75 and a beta of 0.96. Atlassian Corporation PLC has a 1 year low of $136.84 and a 1 year high of $326.00. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72.

Analyst Ratings Changes

A number of research firms have recently weighed in on TEAM. Capital One Financial lowered shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price objective on the stock. in a research note on Wednesday, July 16th. Morgan Stanley dropped their price target on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Raymond James Financial restated an "outperform" rating and set a $300.00 price target (down previously from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Oppenheimer dropped their target price on shares of Atlassian from $300.00 to $275.00 and set an "outperform" rating on the stock in a research report on Monday, July 21st. Finally, BMO Capital Markets dropped their target price on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $274.05.

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.