Bellwether Advisors LLC Invests $3.87 Million in Atlassian Co. (NASDAQ:TEAM)

Bellwether Advisors LLC acquired a new stake in shares of Atlassian Co. (NASDAQ:TEAM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 21,866 shares of the technology company’s stock, valued at approximately $3,868,000. Atlassian makes up about 0.8% of Bellwether Advisors LLC’s holdings, making the stock its 29th largest holding.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Atlassian by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock valued at $3,039,287,000 after buying an additional 221,650 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Atlassian by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock worth $2,173,847,000 after purchasing an additional 904,138 shares during the last quarter. Brown Advisory Inc. raised its position in Atlassian by 7.9% during the 4th quarter. Brown Advisory Inc. now owns 3,473,105 shares of the technology company’s stock valued at $826,113,000 after purchasing an additional 255,653 shares during the last quarter. Capital International Investors lifted its holdings in Atlassian by 6.3% in the 1st quarter. Capital International Investors now owns 2,436,567 shares of the technology company’s stock worth $475,399,000 after buying an additional 144,117 shares during the period. Finally, Clearbridge Investments LLC grew its position in shares of Atlassian by 6.7% in the 1st quarter. Clearbridge Investments LLC now owns 2,070,928 shares of the technology company’s stock worth $404,059,000 after buying an additional 130,253 shares during the last quarter. Institutional investors own 93.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TEAM. Oppenheimer decreased their target price on Atlassian from $250.00 to $230.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Piper Sandler upgraded shares of Atlassian from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $200.00 to $225.00 in a report on Tuesday, July 2nd. Truist Financial cut their target price on shares of Atlassian from $200.00 to $160.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. The Goldman Sachs Group raised shares of Atlassian from a “neutral” rating to a “buy” rating and increased their price target for the stock from $200.00 to $230.00 in a research note on Friday, August 2nd. Finally, Robert W. Baird cut Atlassian from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $230.00 to $175.00 in a research note on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $217.69.

Insider Activity at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $162.20, for a total transaction of $1,289,165.60. Following the completion of the sale, the chief executive officer now directly owns 103,324 shares in the company, valued at approximately $16,759,152.80. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $162.20, for a total transaction of $1,289,165.60. Following the completion of the sale, the chief executive officer now directly owns 103,324 shares in the company, valued at approximately $16,759,152.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $175.00, for a total transaction of $133,000.00. Following the sale, the president now directly owns 152,534 shares of the company’s stock, valued at approximately $26,693,450. The disclosure for this sale can be found here. Insiders have sold a total of 256,348 shares of company stock worth $42,730,178 over the last quarter. Company insiders own 40.48% of the company’s stock.

Atlassian Stock Down 1.1 %

Shares of TEAM stock traded down $1.85 during mid-day trading on Friday, hitting $165.60. The company’s stock had a trading volume of 1,428,699 shares, compared to its average volume of 2,433,798. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $258.69. The stock has a market cap of $43.06 billion, a price-to-earnings ratio of -262.86 and a beta of 0.74. The business has a 50-day moving average price of $166.33 and a 200 day moving average price of $180.00.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. Atlassian’s revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.21) EPS. Research analysts predict that Atlassian Co. will post -0.58 EPS 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.