Allspring Global Investments Holdings LLC Raises Stock Position in Atlassian Corporation PLC $TEAM

Allspring Global Investments Holdings LLC lifted its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 63.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 221,370 shares of the technology company’s stock after purchasing an additional 85,769 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Atlassian were worth $15,356,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in TEAM. NewEdge Advisors LLC grew its stake in Atlassian by 71.6% during the 1st quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock worth $1,153,000 after purchasing an additional 2,267 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Atlassian by 39.5% during the first quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after buying an additional 1,328 shares during the period. Focus Partners Wealth increased its stake in shares of Atlassian by 32.6% during the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after buying an additional 1,014 shares during the period. Geneos Wealth Management Inc. raised its holdings in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after acquiring an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC raised its holdings in Atlassian by 27.5% in the second quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock valued at $380,000 after acquiring an additional 404 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Buying and Selling

In other news, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction on Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the transaction, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BTIG Research reiterated a “buy” rating and set a $130.00 price target on shares of Atlassian in a report on Friday, July 10th. Oppenheimer lifted their price objective on shares of Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Guggenheim set a $115.00 target price on Atlassian in a report on Thursday, April 9th. Wall Street Zen cut Atlassian from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. Finally, UBS Group lowered their price objective on Atlassian from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. Twenty-one research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $138.50.

Atlassian Stock Performance

NASDAQ TEAM opened at $90.60 on Wednesday. The company has a fifty day moving average of $89.03 and a two-hundred day moving average of $90.43. The company has a market capitalization of $22.99 billion, a PE ratio of -109.16, a P/E/G ratio of 5.94 and a beta of 1.11. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $206.00. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business’s revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 earnings per share. As a group, analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.