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

Palo Alto Wealth Advisors LLC acquired a new stake in Atlassian Co. (NASDAQ:TEAM) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 3,029 shares of the technology company’s stock, valued at approximately $481,000. Atlassian accounts for 0.2% of Palo Alto Wealth Advisors LLC’s holdings, making the stock its 29th biggest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Asset Dedication LLC increased its holdings in Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after buying an additional 108 shares during the last quarter. Trust Co. of Vermont boosted its stake in shares of Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after acquiring an additional 174 shares in the last quarter. Rothschild Investment LLC acquired a new stake in Atlassian in the 2nd quarter worth approximately $36,000. Edmond DE Rothschild Holding S.A. acquired a new position in Atlassian during the first quarter valued at approximately $40,000. Finally, Crewe Advisors LLC bought a new position in shares of Atlassian in the first quarter valued at approximately $43,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $163.11, for a total value of $123,963.60. Following the transaction, the president now owns 143,966 shares of the company’s stock, valued at approximately $23,482,294.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, 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 transaction of $1,945,988.32. Following the transaction, the director now owns 270,232 shares of the company’s stock, valued at approximately $66,163,602.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $163.11, for a total transaction of $123,963.60. Following the transaction, the president now directly owns 143,966 shares in the company, valued at approximately $23,482,294.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,395 shares of company stock worth $46,787,439 over the last quarter. 38.55% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on TEAM. Barclays cut their target price 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. Raymond James boosted their price target on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Wells Fargo & Company upped their price objective on Atlassian from $250.00 to $300.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $200.00 to $230.00 in a report on Friday, August 2nd. Finally, Scotiabank boosted their target price on Atlassian from $175.00 to $250.00 and gave the company a “sector perform” rating in a research note on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $243.16.

Atlassian Trading Down 0.7 %

TEAM stock traded down $1.74 on Thursday, reaching $251.04. The company’s stock had a trading volume of 805,143 shares, compared to its average volume of 1,853,849. The business has a fifty day simple moving average of $184.61 and a two-hundred day simple moving average of $173.61. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $258.69. 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 firm has a market cap of $65.38 billion, a PE ratio of -166.30 and a beta of 0.71.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share 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 during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm earned ($0.07) earnings per share. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, research analysts forecast that Atlassian Co. will post -0.56 EPS for the current year.

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.