Premier Path Wealth Partners LLC Invests $314,000 in Atlassian Co. (NASDAQ:TEAM)

Premier Path Wealth Partners LLC acquired a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,289 shares of the technology company's stock, valued at approximately $314,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TEAM. Federated Hermes Inc. purchased a new position in shares of Atlassian in the second quarter valued at $444,000. Dimensional Fund Advisors LP grew its stake in Atlassian by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 150,393 shares of the technology company's stock valued at $26,597,000 after acquiring an additional 5,878 shares during the last quarter. Amalgamated Bank increased its holdings in Atlassian by 3.5% during the 2nd quarter. Amalgamated Bank now owns 10,608 shares of the technology company's stock valued at $1,876,000 after acquiring an additional 363 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in Atlassian by 4.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,389 shares of the technology company's stock worth $1,830,000 after acquiring an additional 440 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in Atlassian by 9.7% during the second quarter. Hsbc Holdings PLC now owns 143,272 shares of the technology company's stock worth $25,284,000 after acquiring an additional 12,675 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, October 21st. The shares were sold at an average price of $192.18, for a total transaction of $1,527,446.64. Following the sale, the chief executive officer now owns 389,452 shares of the company's stock, valued at $74,844,885.36. The trade was a 2.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Gene Liu sold 165 shares of the company's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total transaction of $40,563.60. Following the completion of the transaction, the chief accounting officer now directly owns 56,423 shares of the company's stock, valued at approximately $13,871,030.32. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 280,136 shares of company stock valued at $67,814,587 over the last quarter. Company insiders own 38.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on TEAM shares. Cantor Fitzgerald began coverage on shares of Atlassian in a research note on Friday. They set a "neutral" rating and a $264.00 price objective for the company. Macquarie began coverage on Atlassian in a research report on Thursday, December 12th. They set a "neutral" rating and a $290.00 price target for the company. Morgan Stanley boosted their price target on Atlassian from $259.00 to $315.00 and gave the stock an "overweight" rating in a report on Thursday. Canaccord Genuity Group increased their price objective on Atlassian from $255.00 to $285.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Finally, Mizuho boosted their target price on shares of Atlassian from $240.00 to $285.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, Atlassian presently has a consensus rating of "Moderate Buy" and an average price target of $272.00.

Atlassian Price Performance

TEAM stock traded down $1.89 during midday trading on Friday, reaching $252.36. 1,192,393 shares of the company's stock traded hands, compared to its average volume of 1,559,382. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $287.97. The business has a 50-day moving average price of $256.36 and a two-hundred day moving average price of $202.09.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.13. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm posted ($0.07) EPS. The business's revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, research analysts anticipate that Atlassian Co. will post -0.55 earnings per share for the current year.

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.