Premier Path Wealth Partners LLC Purchases Shares of 1,289 Atlassian Co. (NASDAQ:TEAM)

Premier Path Wealth Partners LLC acquired a new position in Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,289 shares of the technology company’s stock, valued at approximately $314,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in TEAM. True Wealth Design LLC lifted its stake in shares of Atlassian by 23,100.0% in the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock valued at $37,000 after purchasing an additional 231 shares during the period. GAMMA Investing LLC grew its position in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after acquiring an additional 96 shares during the period. Reston Wealth Management LLC purchased a new position in shares of Atlassian in the 3rd quarter valued at about $48,000. Quarry LP raised its holdings in Atlassian by 143.8% in the 2nd quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its position in Atlassian by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company’s stock worth $69,000 after purchasing an additional 82 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Price Performance

Atlassian stock opened at $252.36 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The company’s 50 day simple moving average is $256.36 and its 200-day simple moving average is $202.09. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $287.97.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the prior year, the firm earned ($0.07) earnings per share. The firm’s revenue was up 21.5% compared to the same quarter last year. Equities research analysts forecast that Atlassian Co. will post -0.55 EPS for the current year.

Insider Activity at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $188.56, for a total transaction of $1,498,674.88. Following the sale, the chief executive officer now owns 373,556 shares of the company’s stock, valued at approximately $70,437,719.36. This represents a 2.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of Atlassian stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $275.00, for a total value of $825,000.00. Following the completion of the transaction, the director now owns 5,610 shares of the company’s stock, valued at approximately $1,542,750. This trade represents a 34.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 280,136 shares of company stock worth $67,814,587 in the last three months. 38.55% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TEAM has been the topic of a number of research analyst reports. Morgan Stanley lifted their price target on shares of Atlassian from $259.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday. Piper Sandler lifted their target price on shares of Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Canaccord Genuity Group upped their price target on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Cantor Fitzgerald assumed coverage on Atlassian in a report on Friday. They issued a “neutral” rating and a $264.00 price objective on the stock. Finally, Mizuho increased their target price on Atlassian from $240.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $272.00.

About Atlassian

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.