918 Shares in Atlassian Co. (NASDAQ:TEAM) Purchased by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC purchased a new stake in shares of Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 918 shares of the technology company’s stock, valued at approximately $223,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after acquiring an additional 96 shares during the last quarter. Creative Planning lifted its position in shares of Atlassian by 32.3% during the third quarter. Creative Planning now owns 7,947 shares of the technology company’s stock worth $1,262,000 after purchasing an additional 1,941 shares during the last quarter. Slow Capital Inc. purchased a new stake in shares of Atlassian during the third quarter valued at $5,228,000. Sequoia Financial Advisors LLC increased its stake in Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock worth $306,000 after buying an additional 520 shares during the period. Finally, Signaturefd LLC increased its stake in Atlassian by 4.8% in the 3rd quarter. Signaturefd LLC now owns 2,411 shares of the technology company’s stock worth $383,000 after buying an additional 111 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $236.89, for a total value of $1,882,801.72. Following the transaction, the chief executive officer now directly owns 421,244 shares of the company’s stock, valued at approximately $99,788,491.16. This trade represents a 1.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Joseph Leo Binz sold 1,674 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total value of $411,485.94. Following the transaction, the chief financial officer now directly owns 171,929 shares of the company’s stock, valued at $42,261,867.49. The trade was a 0.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 285,224 shares of company stock worth $76,899,985 in the last quarter. Corporate insiders own 38.55% of the company’s stock.

Atlassian Stock Down 0.9 %

Atlassian stock opened at $313.10 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The business’s 50-day moving average price is $270.09 and its 200 day moving average price is $218.10.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Sell-side analysts predict that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on TEAM. Morgan Stanley upped their target price on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. UBS Group raised their price objective on Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. William Blair reiterated an “outperform” rating on shares of Atlassian in a report on Friday, January 31st. Scotiabank raised their price target on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research note on Friday, January 31st. Finally, Cantor Fitzgerald upped their price objective on shares of Atlassian from $264.00 to $304.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Nine analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $319.71.

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.