Merit Financial Group LLC Acquires 24,388 Shares of Atlassian Corporation PLC $TEAM

Key Points

• Merit Financial Group LLC boosted its stake in Atlassian (NASDAQ:TEAM) by 339.8% in Q4, buying an additional 24,388 shares to hold 31,565 shares worth $5.118 million.
• Several analysts have cut price targets (e.g., Morgan Stanley from $290 to $120, Mizuho from $185 to $145), yet the consensus remains a Moderate Buy with an average target of $157.52.
• Insiders sold 128,653 shares valued at $15.09 million last quarter — including CEO Michael Cannon‑Brookes and Director Scott Farquhar each selling 7,665 shares — while corporate insiders own 36.66% and institutional investors own 94.45% of the stock.

Merit Financial Group LLC grew its holdings in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 339.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,565 shares of the technology company's stock after purchasing an additional 24,388 shares during the quarter. Merit Financial Group LLC's holdings in Atlassian were worth $5,118,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. SBI Securities Co. Ltd. boosted its stake in shares of Atlassian by 50.7% in the 3rd quarter. SBI Securities Co. Ltd. now owns 40,546 shares of the technology company's stock valued at $6,475,000 after purchasing an additional 13,643 shares during the last quarter. OFI Invest Asset Management grew its position in shares of Atlassian by 16.3% during the 4th quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company's stock worth $41,273,000 after buying an additional 35,682 shares during the period. Baillie Gifford & Co. increased its stake in shares of Atlassian by 3.9% in the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company's stock valued at $1,367,132,000 after acquiring an additional 316,276 shares during the last quarter. Intech Investment Management LLC increased its stake in shares of Atlassian by 180.3% in the 3rd quarter. Intech Investment Management LLC now owns 140,984 shares of the technology company's stock valued at $22,515,000 after acquiring an additional 90,692 shares during the last quarter. Finally, Mediolanum International Funds Ltd increased its stake in shares of Atlassian by 108.4% in the 3rd quarter. Mediolanum International Funds Ltd now owns 41,963 shares of the technology company's stock valued at $6,937,000 after acquiring an additional 21,829 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

Analysts Set New Price Targets

TEAM has been the topic of several recent analyst reports. Mizuho reduced their price objective on shares of Atlassian from $185.00 to $145.00 and set an "outperform" rating on the stock in a research note on Tuesday. Morgan Stanley reduced their price objective on shares of Atlassian from $290.00 to $120.00 and set an "overweight" rating on the stock in a research note on Thursday. Guggenheim set a $115.00 price objective on shares of Atlassian in a research note on Thursday, April 9th. UBS Group reissued a "neutral" rating and set a $105.00 price objective on shares of Atlassian in a research note on Friday, February 6th. Finally, Robert W. Baird set a $140.00 price objective on shares of Atlassian in a research note on Friday, February 6th. Nineteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $157.52.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $116.40, for a total value of $892,206.00. Following the completion of the transaction, the director owned 298,935 shares in the company, valued at $34,796,034. This represents a 2.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $119.15, for a total transaction of $913,284.75. Following the completion of the transaction, the chief executive officer owned 314,265 shares of the company's stock, valued at $37,444,674.75. This trade represents a 2.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 128,653 shares of company stock valued at $15,085,924 in the last quarter. Corporate insiders own 36.66% of the company's stock.

Atlassian Stock Down 2.6%

Atlassian stock opened at $66.94 on Friday. The company's 50 day simple moving average is $73.74 and its 200 day simple moving average is $122.86. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $242.00. The firm has a market capitalization of $17.65 billion, a price-to-earnings ratio of -92.97 and a beta of 0.99. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Friday, February 6th. The technology company reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.12 by $0.10. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The business's revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.96 earnings per share. As a group, sell-side analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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