Wells Fargo & Company MN Purchases 12,426 Shares of Atlassian Co. (NASDAQ:TEAM)

Wells Fargo & Company MN grew its stake in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 12.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 114,909 shares of the technology company's stock after buying an additional 12,426 shares during the period. Wells Fargo & Company MN's holdings in Atlassian were worth $27,967,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Murphy & Mullick Capital Management Corp bought a new position in shares of Atlassian during the 4th quarter valued at about $27,000. Summit Securities Group LLC bought a new position in Atlassian in the fourth quarter valued at approximately $38,000. Avion Wealth boosted its holdings in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company's stock valued at $41,000 after buying an additional 157 shares during the period. Assetmark Inc. boosted its holdings in shares of Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after buying an additional 41 shares during the period. Finally, Mainstream Capital Management LLC bought a new stake in shares of Atlassian during the fourth quarter worth $49,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on TEAM shares. Macquarie raised shares of Atlassian from a "neutral" rating to an "outperform" rating and reduced their target price for the stock from $317.00 to $270.00 in a research note on Thursday, April 10th. Jefferies Financial Group decreased their price objective on Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a report on Monday, April 7th. Citigroup boosted their target price on Atlassian from $255.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, January 17th. StockNews.com cut shares of Atlassian from a "buy" rating to a "hold" rating in a research note on Monday, March 31st. Finally, Piper Sandler boosted their price objective on shares of Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $300.00.

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Atlassian Stock Performance

Atlassian stock traded up $6.26 during mid-day trading on Tuesday, hitting $207.25. 2,246,136 shares of the company's stock traded hands, compared to its average volume of 2,042,495. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The stock has a market cap of $54.30 billion, a price-to-earnings ratio of -154.66 and a beta of 1.07. The firm has a 50 day simple moving average of $248.73 and a two-hundred day simple moving average of $242.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate 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 expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $322.31, for a total value of $2,561,719.88. Following the transaction, the chief executive officer now directly owns 270,232 shares in the company, valued at approximately $87,098,475.92. This represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now owns 210,471 shares of the company's stock, valued at $54,690,889.35. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 270,981 shares of company stock valued at $69,889,581. 38.55% of the stock is owned by insiders.

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.