Vestcor Inc increased its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 323.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,098 shares of the technology company's stock after acquiring an additional 10,007 shares during the quarter. Vestcor Inc's holdings in Atlassian were worth $2,780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also bought and sold shares of the company. GeoWealth Management LLC grew its position in shares of Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after buying an additional 38 shares during the last quarter. True Wealth Design LLC grew its position in shares of Atlassian by 21.6% in the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock worth $69,000 after buying an additional 50 shares during the last quarter. Covenant Partners LLC grew its position in shares of Atlassian by 4.2% in the 4th quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock worth $323,000 after buying an additional 53 shares during the last quarter. First Citizens Bank & Trust Co. grew its position in shares of Atlassian by 4.7% in the 1st quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock worth $253,000 after buying an additional 54 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its position in shares of Atlassian by 25.9% in the 1st quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock worth $57,000 after buying an additional 55 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. Oppenheimer cut their price objective on Atlassian from $300.00 to $275.00 and set an "outperform" rating on the stock in a research report on Monday, July 21st. Piper Sandler reiterated an "overweight" rating and issued a $300.00 price objective (down from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. KeyCorp cut their price objective on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Raymond James Financial reiterated an "outperform" rating and issued a $300.00 price objective (down from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Finally, Baird R W upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $274.05.
Get Our Latest Analysis on Atlassian
Insiders Place Their Bets
In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $197.88, for a total value of $1,516,750.20. Following the completion of the sale, the chief executive officer owned 329,595 shares of the company's stock, valued at approximately $65,220,258.60. This trade represents a 2.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $197.88, for a total value of $1,516,750.20. Following the completion of the sale, the director directly owned 329,595 shares of the company's stock, valued at approximately $65,220,258.60. The trade was a 2.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 492,017 shares of company stock valued at $101,133,506. Corporate insiders own 38.55% of the company's stock.
Atlassian Stock Down 2.7%
Shares of NASDAQ:TEAM opened at $191.78 on Friday. The stock has a fifty day simple moving average of $202.78 and a two-hundred day simple moving average of $229.08. The stock has a market capitalization of $50.34 billion, a price-to-earnings ratio of -115.53 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 current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72.
Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The company's quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.89 EPS. On average, research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.
About Atlassian
(
Free Report)
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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