Sheets Smith Wealth Management Makes New $275,000 Investment in Atlassian Co. (NASDAQ:TEAM)

Sheets Smith Wealth Management bought a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,409 shares of the technology company’s stock, valued at approximately $275,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TEAM. ProShare Advisors LLC boosted its position in shares of Atlassian by 26.9% in the 1st quarter. ProShare Advisors LLC now owns 155,948 shares of the technology company’s stock worth $30,427,000 after purchasing an additional 33,032 shares in the last quarter. US Bancorp DE boosted its position in shares of Atlassian by 0.5% in the 1st quarter. US Bancorp DE now owns 51,272 shares of the technology company’s stock worth $10,004,000 after purchasing an additional 258 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Atlassian by 7.1% in the 1st quarter. Russell Investments Group Ltd. now owns 209,498 shares of the technology company’s stock worth $40,767,000 after purchasing an additional 13,886 shares in the last quarter. Qsemble Capital Management LP boosted its position in shares of Atlassian by 432.6% in the 1st quarter. Qsemble Capital Management LP now owns 12,458 shares of the technology company’s stock worth $2,431,000 after purchasing an additional 10,119 shares in the last quarter. Finally, Sustainable Growth Advisers LP boosted its position in shares of Atlassian by 9.2% in the 1st quarter. Sustainable Growth Advisers LP now owns 1,010,219 shares of the technology company’s stock worth $197,104,000 after purchasing an additional 84,851 shares in the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on TEAM. KeyCorp began coverage on Atlassian in a research report on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Morgan Stanley cut their target price on Atlassian from $245.00 to $225.00 and set an “overweight” rating on the stock in a research note on Wednesday. Piper Sandler upgraded Atlassian from a “neutral” rating to an “overweight” rating and increased their target price for the company from $200.00 to $225.00 in a research note on Tuesday, July 2nd. Barclays upgraded Atlassian from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $235.00 to $275.00 in a research note on Thursday, April 11th. Finally, Mizuho cut their target price on Atlassian from $225.00 to $220.00 and set an “outperform” rating on the stock in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $227.41.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $193.35, for a total transaction of $1,593,397.35. Following the sale, the chief executive officer now directly owns 382,932 shares of the company’s stock, valued at $74,039,902.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $193.35, for a total value of $1,593,397.35. Following the sale, the chief executive officer now directly owns 382,932 shares of the company’s stock, valued at $74,039,902.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $200.00, for a total value of $152,000.00. Following the completion of the sale, the president now directly owns 161,850 shares in the company, valued at $32,370,000. The disclosure for this sale can be found here. Insiders have sold a total of 278,096 shares of company stock valued at $48,729,075 over the last ninety days. 40.48% of the stock is currently owned by company insiders.

Atlassian Stock Performance

Atlassian stock traded down $4.25 during trading on Wednesday, reaching $178.92. The company had a trading volume of 1,401,071 shares, compared to its average volume of 1,722,509. Atlassian Co. has a 52 week low of $152.34 and a 52 week high of $258.69. The firm’s 50-day simple moving average is $171.12 and its 200 day simple moving average is $196.56. The firm has a market capitalization of $46.57 billion, a price-to-earnings ratio of -284.00 and a beta of 0.74. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.82.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period last year, the firm earned ($0.40) EPS. Atlassian’s revenue for the quarter was up 29.9% compared to the same quarter last year. Sell-side analysts forecast that Atlassian Co. will post -0.22 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.