Bellwether Advisors LLC Acquires New Position in Atlassian Co. (NASDAQ:TEAM)

Bellwether Advisors LLC purchased a new stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 21,866 shares of the technology company's stock, valued at approximately $3,868,000. Atlassian comprises approximately 0.8% of Bellwether Advisors LLC's portfolio, making the stock its 29th biggest position.

A number of other large investors have also recently modified their holdings of the business. First Trust Direct Indexing L.P. boosted its holdings in Atlassian by 1.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company's stock valued at $721,000 after acquiring an additional 55 shares during the period. Park National Corp OH grew its holdings in shares of Atlassian by 4.0% in the first quarter. Park National Corp OH now owns 1,497 shares of the technology company's stock worth $292,000 after purchasing an additional 58 shares during the last quarter. Atria Wealth Solutions Inc. grew its holdings in shares of Atlassian by 3.2% in the fourth quarter. Atria Wealth Solutions Inc. now owns 1,885 shares of the technology company's stock worth $448,000 after purchasing an additional 59 shares during the last quarter. Financial Advocates Investment Management increased its stake in shares of Atlassian by 1.7% in the second quarter. Financial Advocates Investment Management now owns 3,745 shares of the technology company's stock worth $662,000 after buying an additional 62 shares during the period. Finally, STF Management LP raised its holdings in Atlassian by 2.6% during the 4th quarter. STF Management LP now owns 2,551 shares of the technology company's stock valued at $607,000 after buying an additional 65 shares during the last quarter. Institutional investors own 93.03% of the company's stock.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the business's stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $157.52, for a total transaction of $1,298,122.32. Following the completion of the sale, the chief executive officer now directly owns 127,461 shares in the company, valued at approximately $20,077,656.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, President Anutthara Bharadwaj sold 760 shares of the business's stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $160.00, for a total transaction of $121,600.00. Following the completion of the transaction, the president now directly owns 153,294 shares in the company, valued at approximately $24,527,040. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Scott Farquhar sold 8,241 shares of the company's stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $157.52, for a total transaction of $1,298,122.32. Following the completion of the transaction, the chief executive officer now owns 127,461 shares of the company's stock, valued at $20,077,656.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 256,348 shares of company stock worth $42,730,178. Insiders own 40.48% of the company's stock.

Atlassian Stock Down 1.1 %

Shares of Atlassian stock traded down $1.85 on Friday, reaching $165.60. The company's stock had a trading volume of 1,428,699 shares, compared to its average volume of 2,433,798. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $258.69. The firm's fifty day simple moving average is $166.33 and its two-hundred day simple moving average is $179.75. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $43.06 billion, a price-to-earnings ratio of -262.86 and a beta of 0.74.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.07. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The business's revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.21) earnings per share. Equities analysts anticipate that Atlassian Co. will post -0.58 earnings per share for the current year.

Wall Street Analyst Weigh In

TEAM has been the topic of a number of recent analyst reports. 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 report on Friday, June 21st. Barclays reduced their price target on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a report on Monday, August 5th. Truist Financial dropped their price objective on Atlassian from $200.00 to $160.00 and set a "hold" rating for the company in a report on Friday, August 2nd. BMO Capital Markets reduced their target price on Atlassian from $220.00 to $177.00 and set a "market perform" rating on the stock in a research note on Friday, August 2nd. Finally, Baird R W lowered Atlassian from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 2nd. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $217.69.

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.