Palumbo Wealth Management LLC Takes $223,000 Position in Atlassian Co. (NASDAQ:TEAM)

Palumbo Wealth Management LLC acquired a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 918 shares of the technology company’s stock, valued at approximately $223,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its holdings 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 period. Creative Planning increased its position in 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 position in Atlassian during the third quarter worth about $5,228,000. Sequoia Financial Advisors LLC boosted its holdings in Atlassian by 37.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after purchasing an additional 520 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of Atlassian by 4.8% in the 3rd quarter. Signaturefd LLC now owns 2,411 shares of the technology company’s stock valued at $383,000 after buying an additional 111 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.

Wall Street Analyst Weigh In

TEAM has been the topic of several analyst reports. Canaccord Genuity Group lifted their price target on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Truist Financial reaffirmed a “buy” rating and issued a $350.00 price target (up previously from $300.00) on shares of Atlassian in a research note on Friday, January 31st. William Blair restated an “outperform” rating on shares of Atlassian in a report on Friday, January 31st. Wells Fargo & Company increased their target price on shares of Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Scotiabank boosted their price target on shares of Atlassian from $250.00 to $330.00 and gave the company a “sector perform” 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. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $319.71.

Atlassian Stock Down 0.9 %

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

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. As a group, analysts forecast that Atlassian Co. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 1,659 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $245.81, for a total transaction of $407,798.79. Following the completion of the sale, the president now owns 213,511 shares in the company, valued at approximately $52,483,138.91. The trade was a 0.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $311.90, for a total transaction of $2,478,981.20. Following the completion of the transaction, the chief executive officer now directly owns 238,440 shares in the company, valued at $74,369,436. This trade represents a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 285,224 shares of company stock valued at $76,899,985 in the last ninety days. Insiders own 38.55% of the company’s stock.

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.