Atlassian Corporation PLC (NASDAQ:TEAM) Shares Purchased by IFG Advisory LLC

IFG Advisory LLC boosted its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 14.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,183 shares of the technology company’s stock after buying an additional 151 shares during the quarter. IFG Advisory LLC’s holdings in Atlassian were worth $251,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Clean Yield Group boosted its stake in Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company’s stock worth $25,000 after buying an additional 93 shares during the period. Colonial Trust Co SC boosted its stake in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after buying an additional 69 shares during the period. GeoWealth Management LLC lifted its stake in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock worth $44,000 after purchasing an additional 38 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Atlassian by 82.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 243 shares of the technology company’s stock worth $52,000 after purchasing an additional 110 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in Atlassian by 25.9% during the first quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company’s stock worth $57,000 after purchasing an additional 55 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on TEAM shares. Robert W. Baird upgraded Atlassian from a “neutral” rating to an “outperform” rating and decreased their price target for the stock from $320.00 to $255.00 in a research note on Monday, April 14th. Wells Fargo & Company decreased their price target on Atlassian from $330.00 to $315.00 and set an “overweight” rating on the stock in a research note on Friday, May 2nd. BMO Capital Markets reduced their price target on shares of Atlassian from $295.00 to $245.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Piper Sandler reissued an “overweight” rating and set a $300.00 price target (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Atlassian from a “hold” rating to a “buy” rating in a research report on Sunday, June 22nd. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $274.05.

Insider Activity at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $214.92, for a total value of $1,708,184.16. Following the transaction, the director directly owned 103,324 shares in the company, valued at $22,206,394.08. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $221.41, for a total transaction of $1,759,766.68. Following the completion of the transaction, the chief executive officer owned 111,272 shares in the company, valued at $24,636,733.52. This represents a 6.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 499,399 shares of company stock worth $102,317,172 over the last quarter. 38.55% of the stock is currently owned by insiders.

Atlassian Stock Up 1.5%

Shares of NASDAQ:TEAM opened at $185.69 on Tuesday. The firm’s 50 day moving average price is $202.31 and its 200 day moving average price is $228.31. The stock has a market cap of $48.75 billion, a price-to-earnings ratio of -111.86 and a beta of 0.96. Atlassian Corporation PLC has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

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.