Wealth Enhancement Advisory Services LLC Increases Stock Position in Atlassian Co. (NASDAQ:TEAM)

Wealth Enhancement Advisory Services LLC boosted its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 96.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,730 shares of the technology company’s stock after buying an additional 3,797 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Atlassian were worth $1,228,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its position in shares of Atlassian by 37.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company’s stock valued at $306,000 after purchasing an additional 520 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in Atlassian by 2.1% during the first 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 during the last quarter. International Assets Investment Management LLC bought a new position in Atlassian during the 3rd quarter valued at about $97,350,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Atlassian in the 2nd quarter worth about $12,846,000. Finally, Burney Co. bought a new stake in shares of Atlassian in the 1st quarter valued at about $1,095,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Atlassian Stock Performance

Shares of TEAM opened at $218.96 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market cap of $56.94 billion, a PE ratio of -144.05 and a beta of 0.71. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $258.69. The stock’s fifty day moving average price is $174.38 and its two-hundred day moving average price is $171.31.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping 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 23.38%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the firm posted ($0.07) EPS. Atlassian’s revenue was up 21.5% on a year-over-year basis. On average, equities research analysts forecast that Atlassian Co. will post -0.58 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on TEAM shares. Raymond James raised their price objective on Atlassian from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday. Piper Sandler lifted their price target on Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a research note on Friday. KeyCorp raised Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price target for the company in a report on Friday. Jefferies Financial Group upped their target price on shares of Atlassian from $240.00 to $280.00 and gave the company a “buy” rating in a research report on Friday. Finally, Truist Financial increased their price objective on Atlassian from $160.00 to $200.00 and gave the company a “hold” rating in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $243.16.

Insiders Place Their Bets

In related news, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the transaction, the chief executive officer now owns 294,076 shares in the company, valued at $41,329,441.04. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, President Anutthara Bharadwaj sold 4,560 shares of Atlassian stock in a transaction on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $1,028,052.00. Following the completion of the sale, the president now owns 224,436 shares of the company’s stock, valued at $50,599,096.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total value of $1,117,011.92. Following the completion of the transaction, the chief executive officer now directly owns 294,076 shares in the company, valued at approximately $41,329,441.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 237,269 shares of company stock valued at $41,382,072 in the last ninety days. Company insiders own 38.55% of the company’s stock.

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.