Burney Co. Buys 23,568 Shares of Atlassian Co. (NASDAQ:TEAM)

Burney Co. grew its position in Atlassian Co. (NASDAQ:TEAM - Free Report) by 420.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 29,179 shares of the technology company's stock after buying an additional 23,568 shares during the period. Burney Co.'s holdings in Atlassian were worth $5,161,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in TEAM. Norges Bank bought a new stake in Atlassian in the fourth quarter valued at about $247,740,000. Price T Rowe Associates Inc. MD boosted its position in shares of Atlassian by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company's stock worth $2,173,847,000 after purchasing an additional 904,138 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Atlassian in the 2nd quarter valued at $91,072,000. Vanguard Group Inc. increased its position in shares of Atlassian by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company's stock valued at $3,652,495,000 after buying an additional 504,181 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Atlassian during the 1st quarter worth $55,307,000. Institutional investors and hedge funds own 93.03% of the company's stock.

Insider Transactions at Atlassian

In related news, CEO Scott Farquhar sold 7,948 shares of the company's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $164.81, for a total value of $1,309,909.88. Following the transaction, the chief executive officer now owns 182,804 shares in the company, valued at approximately $30,127,927.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the company's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the transaction, the chief technology officer now directly owns 128,957 shares in the company, valued at $18,838,038.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Scott Farquhar sold 7,948 shares of the firm's stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $164.81, for a total transaction of $1,309,909.88. Following the transaction, the chief executive officer now directly owns 182,804 shares in the company, valued at $30,127,927.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 248,400 shares of company stock worth $41,407,949. 40.48% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several recent analyst reports. Piper Sandler upgraded Atlassian from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $200.00 to $225.00 in a report on Tuesday, July 2nd. JMP Securities raised Atlassian to a "hold" rating in a research note on Friday, August 2nd. Wells Fargo & Company cut their price target on shares of Atlassian from $285.00 to $250.00 and set an "overweight" rating on the stock in a research note on Friday, June 21st. Oppenheimer lowered their price objective on shares of Atlassian from $250.00 to $230.00 and set an "outperform" rating for the company in a research report on Friday, August 2nd. Finally, Capital One Financial raised Atlassian from an "equal weight" rating to an "overweight" rating and set a $211.00 price target on the stock in a research note on Thursday, July 11th. Ten analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $217.69.

Atlassian Stock Performance

Shares of TEAM traded up $5.51 during mid-day trading on Thursday, reaching $167.45. The company's stock had a trading volume of 1,197,482 shares, compared to its average volume of 2,456,010. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $258.69. The business has a 50-day simple moving average of $166.26 and a two-hundred day simple moving average of $180.56. The stock has a market cap of $43.54 billion, a P/E ratio of -265.79 and a beta of 0.74.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.07. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.13 billion. During the same quarter in the prior year, the business earned ($0.21) EPS. The firm's revenue for the quarter was up 20.5% on a year-over-year basis. As a group, equities research analysts anticipate that Atlassian Co. will post -0.57 earnings per share for the current fiscal year.

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.