Atria Wealth Solutions Inc. Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Atria Wealth Solutions Inc. purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,114 shares of the technology company's stock, valued at approximately $4,895,000.

Other hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC boosted its holdings in Atlassian by 23,100.0% during the third quarter. True Wealth Design LLC now owns 232 shares of the technology company's stock worth $37,000 after buying an additional 231 shares in the last quarter. Avion Wealth boosted its holdings in Atlassian by 1,308.3% during the fourth quarter. Avion Wealth now owns 169 shares of the technology company's stock worth $41,000 after buying an additional 157 shares in the last quarter. Reston Wealth Management LLC purchased a new stake in Atlassian during the third quarter worth $48,000. Brown Brothers Harriman & Co. boosted its holdings in Atlassian by 23.2% during the third quarter. Brown Brothers Harriman & Co. now owns 436 shares of the technology company's stock worth $69,000 after buying an additional 82 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Atlassian by 22.9% during the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company's stock worth $71,000 after acquiring an additional 54 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Trading Down 4.6 %

TEAM stock traded down $13.63 during trading on Friday, reaching $284.86. 952,824 shares of the stock were exchanged, compared to its average volume of 2,032,309. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The business has a 50 day moving average price of $272.83 and a 200-day moving average price of $221.70. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The firm has a market capitalization of $74.63 billion, a price-to-earnings ratio of -212.58 and a beta of 0.87.

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

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 15,896 shares of Atlassian stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $243.55, for a total value of $3,871,470.80. Following the completion of the transaction, the chief executive officer now owns 429,192 shares in the company, valued at approximately $104,529,711.60. The trade was a 3.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Anutthara Bharadwaj sold 1,520 shares of the business's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $254.76, for a total transaction of $387,235.20. Following the transaction, the president now owns 211,991 shares of the company's stock, valued at $54,006,827.16. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 275,501 shares of company stock worth $75,215,542 over the last three months. Insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the topic of several recent analyst reports. Barclays increased their price objective on shares of Atlassian from $275.00 to $350.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Wells Fargo & Company increased their price objective on shares of Atlassian from $350.00 to $375.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Truist Financial reaffirmed a "buy" rating and set a $350.00 price objective (up from $300.00) on shares of Atlassian in a report on Friday, January 31st. KeyCorp increased their price objective on shares of Atlassian from $315.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Finally, Cantor Fitzgerald increased their price objective on shares of Atlassian from $264.00 to $304.00 and gave the company a "neutral" rating in a report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Atlassian currently has an average 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.