Whalen Wealth Management Inc. Invests $373,000 in Atlassian Corporation PLC (NASDAQ:TEAM)

Whalen Wealth Management Inc. purchased a new stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,758 shares of the technology company's stock, valued at approximately $373,000.

Other hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in shares of Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares during the period. Massachusetts Financial Services Co. MA bought a new position in Atlassian in the 4th quarter valued at about $687,486,000. Invesco Ltd. boosted its holdings in shares of Atlassian by 265.9% during the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after acquiring an additional 1,777,179 shares during the period. Geode Capital Management LLC grew its position in shares of Atlassian by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock valued at $528,851,000 after purchasing an additional 27,899 shares during the last quarter. Finally, Voya Investment Management LLC increased its stake in shares of Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after purchasing an additional 2,160,810 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Insider Activity

In other Atlassian news, President Anutthara Bharadwaj sold 7,674 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the completion of the transaction, the president now owns 192,260 shares in the company, valued at approximately $43,356,552.60. This trade represents a 3.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $196.44, for a total transaction of $1,505,712.60. Following the completion of the transaction, the chief executive officer now owns 53,655 shares in the company, valued at $10,539,988.20. This trade represents a 12.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 358,575 shares of company stock valued at $75,530,916. Insiders own 38.55% of the company's stock.

Atlassian Price Performance

Shares of TEAM opened at $189.53 on Monday. 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 has a market cap of $49.75 billion, a PE ratio of -114.17 and a beta of 0.96. Atlassian Corporation PLC has a 12-month low of $135.29 and a 12-month high of $326.00. The business has a 50-day simple moving average of $210.32 and a two-hundred day simple moving average of $239.97.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets reduced their target price on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. KeyCorp cut their price objective on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Morgan Stanley lowered their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Jefferies Financial Group dropped their price target on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Finally, Truist Financial reduced their price target on Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $282.19.

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.

Want to see what other hedge funds are holding TEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlassian Corporation PLC (NASDAQ:TEAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.