Poinciana Advisors Group LLC Takes Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Poinciana Advisors Group LLC purchased a new stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,417 shares of the technology company's stock, valued at approximately $301,000.

A number of other institutional investors have also recently made changes to their positions in TEAM. Farther Finance Advisors LLC lifted its stake in shares of Atlassian by 37.7% in the 1st quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock valued at $80,000 after purchasing an additional 101 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Atlassian by 42.2% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company's stock valued at $900,000 after buying an additional 1,259 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Atlassian by 47,387.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company's stock worth $822,000 after buying an additional 3,791 shares during the last quarter. Amalgamated Bank boosted its stake in Atlassian by 6.1% during the first quarter. Amalgamated Bank now owns 11,360 shares of the technology company's stock worth $2,411,000 after buying an additional 650 shares during the period. Finally, LPL Financial LLC increased its position in Atlassian by 93.4% during the fourth quarter. LPL Financial LLC now owns 51,534 shares of the technology company's stock valued at $12,542,000 after acquiring an additional 24,891 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the topic of several analyst reports. Mizuho cut their price target on shares of Atlassian from $325.00 to $290.00 and set an "outperform" rating on the stock in a report on Thursday, June 12th. Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and dropped their price objective for the company from $320.00 to $255.00 in a report on Monday, April 14th. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Piper Sandler reiterated 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. Finally, UBS Group reissued a "hold" rating on shares of Atlassian in a research note on Monday, July 7th. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $285.75.

Insider Activity

In related news, Director Scott Farquhar 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 value of $1,686,146.70. Following the completion of the transaction, the director directly owned 444,570 shares of the company's stock, valued at $97,796,508.60. This trade represents a 1.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company's 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 transaction, the chief executive officer owned 444,570 shares in the company, valued at $97,796,508.60. The trade was a 1.69% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 417,631 shares of company stock valued at $87,606,665. Corporate insiders own 38.55% of the company's stock.

Atlassian Stock Down 6.5%

NASDAQ:TEAM traded down $13.04 during midday trading on Friday, reaching $187.01. 3,553,326 shares of the stock traded hands, compared to its average volume of 2,182,589. The stock has a market capitalization of $49.09 billion, a PE ratio of -112.66 and a beta of 0.94. Atlassian Corporation PLC has a 12-month low of $135.29 and a 12-month 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. The business has a 50-day moving average of $207.96 and a two-hundred day moving average of $233.70.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the business posted $0.89 EPS. The business's revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

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.