Palo Alto Wealth Advisors LLC Invests $481,000 in Atlassian Co. (NASDAQ:TEAM)

Palo Alto Wealth Advisors LLC purchased a new position in Atlassian Co. (NASDAQ:TEAM - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,029 shares of the technology company's stock, valued at approximately $481,000. Atlassian accounts for about 0.2% of Palo Alto Wealth Advisors LLC's holdings, making the stock its 29th largest holding.

Other institutional investors also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC grew its holdings in Atlassian by 37.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company's stock worth $306,000 after acquiring an additional 520 shares in the last quarter. Impax Asset Management Group plc grew its holdings in Atlassian by 590.6% during the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company's stock worth $5,940,000 after acquiring an additional 31,986 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Atlassian by 2.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company's stock worth $34,213,000 after acquiring an additional 3,687 shares in the last quarter. International Assets Investment Management LLC bought a new position in Atlassian during the 3rd quarter worth about $97,350,000. Finally, Aigen Investment Management LP bought a new position in Atlassian during the 3rd quarter worth about $2,232,000. Hedge funds and other institutional investors own 93.03% of the company's stock.

Atlassian Trading Down 1.1 %

Shares of TEAM stock traded down $2.79 on Thursday, hitting $249.99. 2,784,433 shares of the stock traded hands, compared to its average volume of 1,862,803. The firm's 50-day moving average price is $184.61 and its two-hundred day moving average price is $173.61. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market capitalization of $65.11 billion, a PE ratio of -165.39 and a beta of 0.71. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $258.69.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.13. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. Atlassian's revenue was up 21.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.07) EPS. As a group, analysts anticipate that Atlassian Co. will post -0.56 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on TEAM. Piper Sandler increased their price objective on shares of Atlassian from $225.00 to $265.00 and gave the company an "overweight" rating in a research report on Friday, November 1st. Robert W. Baird increased their price objective on shares of Atlassian from $175.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, November 1st. Raymond James increased their price objective on shares of Atlassian from $200.00 to $250.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. JMP Securities raised shares of Atlassian to a "hold" rating in a research report on Friday, August 2nd. Finally, Barclays decreased their price objective on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a research report on Monday, August 5th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, Atlassian presently has a consensus rating of "Moderate Buy" and an average target price of $244.21.

Insider Transactions at Atlassian

In other news, CAO Gene Liu sold 1,024 shares of the company's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the sale, the chief accounting officer now owns 59,168 shares in the company, valued at $13,339,425.60. This represents a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $244.84, for a total value of $1,945,988.32. Following the sale, the director now directly owns 270,232 shares of the company's stock, valued at approximately $66,163,602.88. This represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 254,395 shares of company stock valued at $46,787,439. 38.55% of the stock is currently owned by corporate insiders.

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.