Perigon Wealth Management LLC Has $1.74 Million Stake in Atlassian Corporation PLC (NASDAQ:TEAM)

Perigon Wealth Management LLC raised its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 115.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,176 shares of the technology company's stock after purchasing an additional 4,387 shares during the quarter. Perigon Wealth Management LLC's holdings in Atlassian were worth $1,735,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of Atlassian in the 4th quarter valued at about $687,486,000. Invesco Ltd. raised its stake in shares of Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock valued at $595,171,000 after purchasing an additional 1,777,179 shares during the period. Geode Capital Management LLC raised its stake in shares of Atlassian by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock valued at $528,851,000 after purchasing an additional 27,899 shares during the period. Finally, Voya Investment Management LLC raised its stake in shares of Atlassian by 17,941.0% in the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after purchasing an additional 2,160,810 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Trading Up 1.9%

Shares of NASDAQ:TEAM opened at $202.32 on Friday. Atlassian Corporation PLC has a 12-month low of $135.29 and a 12-month high of $326.00. The stock has a market cap of $53.11 billion, a PE ratio of -121.88 and a beta of 0.96. The business has a 50 day moving average of $209.80 and a 200-day moving average of $238.31. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

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

Analysts Set New Price Targets

Several research firms have issued reports on TEAM. Canaccord Genuity Group dropped their price target on Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Wells Fargo & Company decreased their price objective on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Piper Sandler restated an "overweight" rating and issued a $300.00 price objective (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Mizuho decreased their price objective on Atlassian from $325.00 to $290.00 and set an "outperform" rating for the company in a report on Thursday, June 12th. Finally, Stephens decreased their price objective on Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $282.19.

Insider Transactions at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $185.61, for a total value of $1,475,228.28. Following the completion of the sale, the director now directly owns 333,816 shares in the company, valued at approximately $61,959,587.76. The trade was a 2.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Gene Liu sold 121 shares of the business's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $214.88, for a total value of $26,000.48. Following the completion of the sale, the chief accounting officer now owns 51,360 shares of the company's stock, valued at approximately $11,036,236.80. This trade represents a 0.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 388,669 shares of company stock worth $80,949,405 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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