Mirae Asset Global Investments Co. Ltd. Buys 7,190 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 10.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,993 shares of the technology company's stock after purchasing an additional 7,190 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Atlassian were worth $15,715,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of TEAM. Farther Finance Advisors LLC lifted its holdings in shares of Atlassian by 37.7% during the 1st 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. LPL Financial LLC raised its holdings in Atlassian by 93.4% in the 4th quarter. LPL Financial LLC now owns 51,534 shares of the technology company's stock valued at $12,542,000 after buying an additional 24,891 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new position in shares of Atlassian during the first quarter worth $252,000. Yousif Capital Management LLC grew its position in shares of Atlassian by 2.9% in the 1st quarter. Yousif Capital Management LLC now owns 2,063 shares of the technology company's stock valued at $438,000 after buying an additional 58 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in Atlassian during the 4th quarter valued at approximately $10,805,000. 94.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TEAM. KeyCorp decreased their price objective on Atlassian from $365.00 to $275.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Mizuho decreased their target price on Atlassian from $325.00 to $290.00 and set an "outperform" rating for the company in a research report on Thursday, June 12th. Raymond James Financial reiterated an "outperform" rating and set a $300.00 price target (down previously from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. Truist Financial lowered their target price on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Cantor Fitzgerald raised shares of Atlassian from a "neutral" rating to an "overweight" rating and reduced their price objective for the company from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Four analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $282.19.

Atlassian Trading Up 1.9%

TEAM opened at $202.32 on Monday. Atlassian Corporation PLC has a 12 month low of $135.29 and a 12 month high of $326.00. The business has a fifty day moving average price of $209.79 and a 200 day moving average price of $237.32. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The stock has a market capitalization of $53.11 billion, a price-to-earnings ratio of -121.88 and a beta of 0.96.

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

Insider Buying and Selling

In related news, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $185.61, for a total value of $1,475,228.28. Following the sale, the director now directly owns 333,816 shares of the company's stock, valued at approximately $61,959,587.76. This trade represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 7,674 shares of Atlassian stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the transaction, the president now directly owns 192,260 shares in the company, valued at approximately $43,356,552.60. This trade represents a 3.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 380,721 shares of company stock worth $79,282,471 in the last quarter. Company insiders own 38.55% of the company's stock.

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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