Clearstead Advisors LLC Boosts Stake in Atlassian Corporation PLC $TEAM

Clearstead Advisors LLC grew its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 1,250.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,589 shares of the technology company’s stock after buying an additional 6,101 shares during the period. Clearstead Advisors LLC’s holdings in Atlassian were worth $1,068,000 at the end of the most recent quarter.

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

Insider Buying and Selling at Atlassian

In related news, CRO Brian Duffy sold 1,986 shares of the firm’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 $174,271.50. Following the sale, the executive owned 236,841 shares in the company, valued at approximately $20,782,797.75. This trade represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction dated 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 in the company, 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. In the last 90 days, insiders have sold 10,891 shares of company stock worth $955,683. 36.66% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Zacks Research upgraded shares of Atlassian from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. Guggenheim set a $115.00 price objective on shares of Atlassian in a research note on Thursday, April 9th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research note on Monday, April 20th. Wells Fargo & Company cut their price objective on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 17th. Finally, Piper Sandler cut their price objective on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $145.63.

Atlassian Stock Up 4.9%

TEAM stock opened at $89.07 on Thursday. The firm has a market cap of $22.60 billion, a PE ratio of -107.31, a P/E/G ratio of 4.81 and a beta of 0.90. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The firm’s fifty day moving average is $74.50 and its 200 day moving average is $108.65. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $222.59.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm’s revenue was up 31.7% on a year-over-year basis. During the same quarter last year, the business earned $0.97 earnings per share. On average, research analysts forecast that Atlassian Corporation PLC will post 0.81 EPS 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.