MBL Wealth LLC Buys 3,656 Shares of Atlassian Corporation PLC $TEAM

MBL Wealth LLC increased its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 124.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,602 shares of the technology company’s stock after purchasing an additional 3,656 shares during the quarter. MBL Wealth LLC’s holdings in Atlassian were worth $1,184,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Activest Wealth Management grew its holdings in Atlassian by 372.4% during the third quarter. Activest Wealth Management now owns 137 shares of the technology company’s stock valued at $25,000 after purchasing an additional 108 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Atlassian in the second quarter worth about $27,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of Atlassian by 139.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock worth $29,000 after buying an additional 220 shares during the period. Western Wealth Management LLC bought a new position in shares of Atlassian in the first quarter worth about $30,000. Finally, State of Wyoming raised its stake in shares of Atlassian by 65.7% in the first quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after buying an additional 178 shares during the period. 94.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on TEAM shares. Morgan Stanley boosted their price objective on Atlassian from $120.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Guggenheim increased their target price on shares of Atlassian from $165.00 to $280.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company raised their target price on shares of Atlassian from $180.00 to $230.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 14th. UBS Group set a $280.00 price target on shares of Atlassian in a report on Monday. Finally, BTIG Research lifted their price target on shares of Atlassian from $230.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday. Twenty-four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $213.35.

Insider Buying and Selling

In other news, CRO Brian Duffy sold 7,617 shares of Atlassian stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the sale, the executive owned 220,074 shares in the company, valued at $35,872,062. This trade represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of Atlassian stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $175.00, for a total transaction of $196,875.00. Following the sale, the chief accounting officer owned 56,807 shares in the company, valued at approximately $9,941,225. The trade was a 1.94% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 22,475 shares of company stock valued at $3,822,643. Corporate insiders own 37.63% of the company’s stock.

Atlassian Price Performance

Shares of Atlassian stock opened at $223.16 on Friday. The stock’s 50-day simple moving average is $189.94 and its 200-day simple moving average is $124.79. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $229.96. The company has a market capitalization of $56.63 billion, a price-to-earnings ratio of 225.51, a PEG ratio of 24.05 and a beta of 1.22. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.37. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.98 earnings per share. As a group, analysts expect that Atlassian Corporation PLC will post 0.69 earnings per share for the current fiscal year.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.