Wakefield Asset Management LLLP Acquires New Shares in Atlassian Corporation PLC (NASDAQ:TEAM)

Wakefield Asset Management LLLP bought a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,410 shares of the technology company's stock, valued at approximately $299,000.

A number of other large investors also recently modified their holdings of the company. Teacher Retirement System of Texas bought a new stake in shares of Atlassian during the fourth quarter worth about $2,297,000. LPL Financial LLC boosted its position in Atlassian by 93.4% during the 4th quarter. LPL Financial LLC now owns 51,534 shares of the technology company's stock worth $12,542,000 after buying an additional 24,891 shares during the period. Corebridge Financial Inc. increased its position 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 acquiring an additional 35 shares during the period. Prudential Financial Inc. increased its position in Atlassian by 714.1% in the 4th quarter. Prudential Financial Inc. now owns 40,430 shares of the technology company's stock valued at $9,705,000 after acquiring an additional 35,464 shares during the period. Finally, Murphy & Mullick Capital Management Corp bought a new position in shares of Atlassian during the fourth quarter valued at $27,000. 94.45% of the stock is currently owned by institutional investors.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $222.47, for a total value of $1,768,191.56. Following the sale, the chief executive officer directly owned 143,064 shares in the company, valued at $31,827,448.08. This represents a 5.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $206.80, for a total transaction of $1,643,646.40. Following the completion of the sale, the director owned 174,856 shares in the company, valued at $36,160,220.80. This represents a 4.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 469,871 shares of company stock valued at $97,195,068. 38.55% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on TEAM. BMO Capital Markets lowered their target price on Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Truist Financial dropped their price objective on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Piper Sandler reiterated an "overweight" rating and set a $300.00 price objective (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Raymond James Financial reiterated an "outperform" rating and set a $300.00 price objective (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Finally, Capital One Financial lowered 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. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $274.05.

Atlassian Stock Performance

TEAM stock traded up $3.17 during midday trading on Friday, hitting $203.00. The company's stock had a trading volume of 1,122,031 shares, compared to its average volume of 2,314,874. The stock has a market cap of $53.29 billion, a price-to-earnings ratio of -122.29 and a beta of 0.94. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock's 50-day moving average price is $204.25 and its 200 day moving average price is $230.61. Atlassian Corporation PLC has a 1 year low of $135.29 and a 1 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 for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the firm earned $0.89 EPS. The firm's quarterly revenue was up 14.1% on a year-over-year basis. On average, equities analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current year.

About Atlassian

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.