Pinnacle Wealth Management LLC Buys New Stake in Atlassian Corporation PLC $TEAM

Key Points

• Pinnacle Wealth Management LLC acquired a new stake in Atlassian Corporation PLC by purchasing 2,266 shares valued at approximately $481,000.
• Atlassian recently reported $1.38 billion in revenue for the quarter, exceeding analysts' expectations, with an earnings per share of $0.98.
• Insider trading activity has increased, with insiders selling 510,700 shares worth over $100 million in the last quarter, while company insiders currently own 38.55% of the stock.

Pinnacle Wealth Management LLC purchased a new position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,266 shares of the technology company's stock, valued at approximately $481,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in TEAM. Clean Yield Group raised its holdings in shares of Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after buying an additional 93 shares during the last quarter. Colonial Trust Co SC grew its position in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after buying an additional 69 shares during the period. Smithfield Trust Co lifted its holdings in Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock valued at $34,000 after purchasing an additional 78 shares in the last quarter. GeoWealth Management LLC lifted its holdings in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after purchasing an additional 38 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in Atlassian by 82.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company's stock valued at $52,000 after purchasing an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

Atlassian Price Performance

Shares of TEAM stock opened at $167.00 on Monday. 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 firm's 50-day moving average is $194.44 and its two-hundred day moving average is $221.84. Atlassian Corporation PLC has a 12 month low of $145.88 and a 12 month high of $326.00. The company has a market capitalization of $43.84 billion, a PE ratio of -168.69 and a beta of 0.96.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the previous year, the firm earned $0.66 earnings per share. Atlassian's quarterly revenue was up 22.3% compared to the same quarter last year. Analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on TEAM. Capital One Financial downgraded shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price objective on the stock. in a report on Wednesday, July 16th. UBS Group reaffirmed a "hold" rating on shares of Atlassian in a report on Monday, July 7th. Raymond James Financial set a $250.00 price objective on shares of Atlassian and gave the company an "outperform" rating in a report on Friday, August 8th. Piper Sandler reaffirmed an "overweight" rating and set a $300.00 price objective (down from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Finally, Cantor Fitzgerald decreased their price objective on shares of Atlassian from $256.00 to $240.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Five equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $259.76.

Insider Buying and Selling at Atlassian

In related news, CAO Gene Liu sold 765 shares of Atlassian stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $163.43, for a total value of $125,023.95. Following the completion of the transaction, the chief accounting officer owned 50,595 shares in the company, valued at approximately $8,268,740.85. The trade was a 1.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 3,517 shares of Atlassian stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $163.43, for a total transaction of $574,783.31. Following the completion of the transaction, the chief technology officer owned 143,898 shares of the company's stock, valued at $23,517,250.14. This trade represents a 2.39% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 510,700 shares of company stock valued at $100,415,703. 38.55% of the stock is currently owned by company insiders.

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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