Lewis Asset Management LLC Sells 476 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Lewis Asset Management LLC reduced its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 6.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,560 shares of the technology company’s stock after selling 476 shares during the period. Atlassian accounts for approximately 1.2% of Lewis Asset Management LLC’s portfolio, making the stock its 18th largest position. Lewis Asset Management LLC’s holdings in Atlassian were worth $1,392,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Royal London Asset Management Ltd. increased its position in shares of Atlassian by 8.3% during the fourth quarter. Royal London Asset Management Ltd. now owns 67,580 shares of the technology company’s stock valued at $16,448,000 after acquiring an additional 5,172 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Atlassian during the 4th quarter valued at $2,297,000. Whittier Trust Co. lifted its stake in shares of Atlassian by 2,810.2% during the 4th quarter. Whittier Trust Co. now owns 1,426 shares of the technology company’s stock valued at $347,000 after buying an additional 1,377 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in Atlassian by 164.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 585 shares of the technology company’s stock valued at $142,000 after acquiring an additional 364 shares during the last quarter. Finally, Virtu Financial LLC increased its holdings in Atlassian by 77.4% in the 4th quarter. Virtu Financial LLC now owns 6,767 shares of the technology company’s stock valued at $1,647,000 after acquiring an additional 2,952 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total value of $1,643,646.40. Following the completion of the sale, the director directly owned 174,856 shares of the company’s stock, valued at approximately $36,160,220.80. This represents a 4.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $222.47, for a total value of $1,768,191.56. Following the sale, the chief executive officer owned 143,064 shares in the company, valued at approximately $31,827,448.08. The trade was a 5.26% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 439,777 shares of company stock valued at $91,633,351. Corporate insiders own 38.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TEAM. Capital One Financial cut shares of Atlassian from an “overweight” rating to an “equal weight” rating and set a $211.00 price target for the company. in a research note on Wednesday, July 16th. Piper Sandler reissued an “overweight” rating and set a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Robert W. Baird upgraded shares of Atlassian from a “neutral” rating to an “outperform” rating and cut their price target for the company from $320.00 to $255.00 in a research note on Monday, April 14th. Truist Financial cut their price objective on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Finally, Barclays dropped their price target on shares of Atlassian from $260.00 to $244.00 and set an “overweight” rating on the stock in a research report on Monday. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $279.05.

Atlassian Trading Up 2.2%

NASDAQ TEAM opened at $194.86 on Monday. Atlassian Corporation PLC has a one year low of $135.29 and a one year high of $326.00. The company’s 50 day moving average price is $206.33 and its 200 day moving average price is $231.80. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The firm has a market capitalization of $51.15 billion, a price-to-earnings ratio of -117.39 and a beta of 0.94.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The company’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 earnings per share. On average, sell-side analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Atlassian 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.