Evolve Private Wealth LLC Has $284,000 Stake in Atlassian Corporation PLC $TEAM

Evolve Private Wealth LLC lowered its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 72.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,156 shares of the technology company’s stock after selling 11,085 shares during the quarter. Evolve Private Wealth LLC’s holdings in Atlassian were worth $284,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TEAM. MV Capital Management Inc. acquired a new position in shares of Atlassian during the fourth quarter valued at about $25,000. Geneos Wealth Management Inc. grew its stake in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after buying an additional 161 shares during the period. Board of the Pension Protection Fund acquired a new stake in shares of Atlassian in the 4th quarter valued at about $32,000. Basepoint Wealth LLC bought a new stake in Atlassian in the 4th quarter valued at about $32,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in Atlassian during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TEAM. Citigroup cut their price target on Atlassian from $160.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Wall Street Zen lowered Atlassian from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Mizuho cut their target price on Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. UBS Group reduced their price target on shares of Atlassian from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. Finally, Piper Sandler decreased their price target on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.26.

Atlassian Trading Up 5.4%

NASDAQ TEAM opened at $78.74 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The business has a fifty day simple moving average of $85.24 and a 200 day simple moving average of $99.72. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $222.59. The firm has a market capitalization of $19.98 billion, a P/E ratio of -94.87, a PEG ratio of 4.46 and a beta of 1.07.

Atlassian (NASDAQ:TEAM) last announced its 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. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the company posted $0.97 earnings per share. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insider Activity at Atlassian

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

Atlassian 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.