Poinciana Advisors Group LLC Invests $301,000 in Atlassian Corporation PLC (NASDAQ:TEAM)

Poinciana Advisors Group LLC purchased a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,417 shares of the technology company's stock, valued at approximately $301,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Corebridge Financial Inc. increased its stake in Atlassian by 0.3% in the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after purchasing an additional 35 shares in the last quarter. GeoWealth Management LLC lifted its stake in shares of Atlassian by 26.8% in the 4th 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. Assetmark Inc. raised its position in Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after purchasing an additional 41 shares during the period. True Wealth Design LLC raised its stake in shares of Atlassian by 21.6% during the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after purchasing an additional 50 shares during the period. Finally, Covenant Partners LLC increased its position in shares of Atlassian by 4.2% during the fourth quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock worth $323,000 after acquiring an additional 53 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Price Performance

Shares of NASDAQ TEAM traded down $20.84 during midday trading on Thursday, reaching $200.05. The company had a trading volume of 3,774,522 shares, compared to its average volume of 2,170,759. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The firm's fifty day moving average price is $208.39 and its 200-day moving average price is $234.49. Atlassian Corporation PLC has a one year low of $135.29 and a one year high of $326.00.

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

Analyst Ratings Changes

A number of brokerages have issued reports on TEAM. Macquarie cut their target price on shares of Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Stephens cut their target price on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a research note on Friday, May 2nd. Jefferies Financial Group lowered their target price on Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Truist Financial reduced their target price on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a report on Monday, March 31st. Finally, Robert W. Baird raised Atlassian from a "neutral" rating to an "outperform" rating and reduced their price objective for the company from $320.00 to $255.00 in a research report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $282.19.

Insider Activity

In other news, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $219.98, for a total value of $1,686,146.70. Following the sale, the director directly owned 444,570 shares in the company, valued at approximately $97,796,508.60. This trade represents a 1.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $219.98, for a total transaction of $1,686,146.70. Following the completion of the transaction, the chief executive officer directly owned 444,570 shares of the company's stock, valued at $97,796,508.60. The trade was a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 425,579 shares of company stock valued at $89,163,758 in the last ninety days. Insiders own 38.55% of the company's stock.

Atlassian Company 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.