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

Palumbo Wealth Management LLC purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 918 shares of the technology company's stock, valued at approximately $223,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Virtu Financial LLC acquired a new stake in Atlassian during the third quarter worth approximately $606,000. Sequoia Financial Advisors LLC boosted its holdings in shares of Atlassian by 37.0% during the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company's stock worth $306,000 after purchasing an additional 520 shares during the last quarter. Fulton Bank N.A. purchased a new stake in shares of Atlassian in the fourth quarter valued at $447,000. Paloma Partners Management Co acquired a new position in Atlassian in the third quarter valued at $1,588,000. Finally, Impax Asset Management Group plc lifted its position in Atlassian by 590.6% during the third quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company's stock worth $5,940,000 after buying an additional 31,986 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Stock Down 3.7 %

Shares of NASDAQ TEAM traded down $11.72 during midday trading on Wednesday, reaching $303.72. 2,334,268 shares of the company's stock were exchanged, compared to its average volume of 2,076,888. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The business's fifty day moving average price is $272.45 and its two-hundred day moving average price is $221.16. The stock has a market capitalization of $79.57 billion, a PE ratio of -226.66 and a beta of 0.87.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued 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%. Analysts forecast that Atlassian Co. will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on TEAM. Raymond James restated an "outperform" rating and issued a $330.00 price target (up previously from $250.00) on shares of Atlassian in a report on Friday, January 31st. Piper Sandler boosted their target price on shares of Atlassian from $310.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, January 31st. KeyCorp increased their price target on shares of Atlassian from $315.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Truist Financial reissued a "buy" rating and set a $350.00 price objective (up from $300.00) on shares of Atlassian in a research note on Friday, January 31st. Finally, Macquarie increased their target price on Atlassian from $290.00 to $317.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Nine equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $319.71.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $264.20, for a total value of $2,099,861.60. Following the completion of the sale, the director now owns 190,752 shares of the company's stock, valued at approximately $50,396,678.40. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Heather Mirjahangir Fernandez sold 3,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total transaction of $825,000.00. Following the transaction, the director now directly owns 5,610 shares in the company, valued at $1,542,750. The trade was a 34.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 273,778 shares of company stock valued at $74,688,580 over the last ninety days. Corporate insiders own 38.55% of the company's stock.

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.