Oppenheimer & Co. Inc. Increases Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Oppenheimer & Co. Inc. lifted its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 76.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,873 shares of the technology company's stock after buying an additional 1,681 shares during the period. Oppenheimer & Co. Inc.'s holdings in Atlassian were worth $822,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. lifted its holdings in shares of Atlassian by 2.8% during the first quarter. Oppenheimer Asset Management Inc. now owns 25,263 shares of the technology company's stock worth $5,361,000 after purchasing an additional 693 shares during the period. Whalen Wealth Management Inc. purchased a new position in Atlassian during the 1st quarter worth $373,000. Palumbo Wealth Management LLC lifted its stake in shares of Atlassian by 36.2% in the 1st quarter. Palumbo Wealth Management LLC now owns 1,250 shares of the technology company's stock worth $265,000 after acquiring an additional 332 shares during the period. Pursue Wealth Partners LLC boosted its holdings in shares of Atlassian by 93.3% in the first quarter. Pursue Wealth Partners LLC now owns 2,461 shares of the technology company's stock valued at $522,000 after acquiring an additional 1,188 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Atlassian by 42.2% during 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. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Stock Up 1.9%

Shares of NASDAQ:TEAM opened at $202.32 on Monday. The stock has a 50-day simple moving average of $209.79 and a 200-day simple moving average of $237.32. The stock has a market capitalization of $53.11 billion, a P/E ratio of -121.88 and a beta of 0.96. Atlassian Corporation PLC has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business's quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.89 earnings per share. Equities analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TEAM has been the subject of a number of recent analyst reports. Baird R W upgraded shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and cut their price objective for the stock from $320.00 to $255.00 in a research report on Monday, April 14th. Piper Sandler restated an "overweight" rating and set a $300.00 target price (down from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Wall Street Zen upgraded shares of Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Finally, Stephens reduced their price objective on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $282.19.

Insider Transactions at Atlassian

In other Atlassian news, CAO Gene Liu sold 121 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $214.88, for a total transaction of $26,000.48. Following the completion of the sale, the chief accounting officer now owns 51,360 shares in the company, valued at $11,036,236.80. This trade represents a 0.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $222.68, for a total value of $1,769,860.64. Following the completion of the transaction, the chief executive officer now directly owns 357,660 shares in the company, valued at approximately $79,643,728.80. The trade was a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 380,721 shares of company stock valued at $79,282,471 over the last quarter. Company insiders own 38.55% of the company's stock.

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.

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