Whalen Wealth Management Inc. Makes New Investment in Atlassian Corporation PLC (NASDAQ:TEAM)

Whalen Wealth Management Inc. acquired a new position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 1,758 shares of the technology company's stock, valued at approximately $373,000.

Other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its holdings in Atlassian by 37.7% during the first quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock worth $80,000 after buying an additional 101 shares in the last quarter. LPL Financial LLC lifted its position in shares of Atlassian by 93.4% during the 4th 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. Kingswood Wealth Advisors LLC bought a new stake in shares of Atlassian during the 1st quarter worth $252,000. Yousif Capital Management LLC grew its holdings in shares of Atlassian by 2.9% in the 1st quarter. Yousif Capital Management LLC now owns 2,063 shares of the technology company's stock worth $438,000 after acquiring an additional 58 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new position in shares of Atlassian in the 4th quarter worth $10,805,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Stock Up 0.1%

Shares of Atlassian stock traded up $0.14 during midday trading on Thursday, reaching $198.50. 1,974,388 shares of the company's stock traded hands, compared to its average volume of 2,145,952. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. Atlassian Corporation PLC has a 52 week low of $135.29 and a 52 week high of $326.00. The company's 50 day simple moving average is $209.89 and its 200 day simple moving average is $238.82. The company has a market cap of $52.11 billion, a price-to-earnings ratio of -119.58 and a beta of 0.96.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion for 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 business's revenue was up 14.1% compared to the same quarter last year. During the same period last year, the company earned $0.89 earnings per share. Equities analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TEAM. Barclays decreased their price target on Atlassian from $350.00 to $260.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Truist Financial decreased their target price on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a report on Monday, March 31st. Baird R W raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Jefferies Financial Group cut their price target on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Finally, UBS Group reduced their price target on shares of Atlassian from $230.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of "Moderate Buy" and a consensus price target of $282.19.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $209.73, for a total transaction of $1,666,934.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Gene Liu sold 541 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total value of $122,000.91. Following the sale, the chief accounting officer now owns 51,481 shares of the company's stock, valued at approximately $11,609,480.31. The trade was a 1.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 396,617 shares of company stock valued at $82,671,181. Corporate 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.