IFP Advisors Inc Purchases 4,071 Shares of Atlassian Corporation PLC $TEAM

IFP Advisors Inc boosted its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 76.0% in the second quarter, HoldingsChannel reports. The institutional investor owned 9,428 shares of the technology company’s stock after acquiring an additional 4,071 shares during the quarter. IFP Advisors Inc’s holdings in Atlassian were worth $733,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TEAM. MV Capital Management Inc. bought a new stake in Atlassian in the 4th quarter worth $25,000. Basepoint Wealth LLC bought a new position in Atlassian during the 4th quarter valued at approximately $32,000. VSM Wealth Advisory LLC bought a new position in Atlassian during the 4th quarter valued at approximately $41,000. Reflection Asset Management bought a new stake in shares of Atlassian in the 4th quarter worth approximately $44,000. Finally, Manning & Napier Advisors LLC bought a new position in shares of Atlassian during the second quarter valued at approximately $27,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Insider Activity

In other news, CAO Gene Liu sold 1,125 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total value of $196,875.00. Following the transaction, the chief accounting officer directly owned 56,807 shares in the company, valued at $9,941,225. This trade represents a 1.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CRO Brian Duffy sold 7,617 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $163.00, for a total value of $1,241,571.00. Following the sale, the executive owned 220,074 shares of the company’s stock, valued at approximately $35,872,062. This trade represents a 3.35% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 22,138 shares of company stock valued at $3,751,873 in the last ninety days. 36.66% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TEAM. Barclays raised their price target on Atlassian from $112.00 to $172.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Citigroup upped their target price on Atlassian from $170.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. Morgan Stanley lifted their price target on Atlassian from $120.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Robert W. Baird set a $200.00 price target on Atlassian in a research note on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a research note on Sunday. Twenty-five equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $186.41.

Atlassian Price Performance

TEAM opened at $192.77 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $48.92 billion, a P/E ratio of -1,014.58, a P/E/G ratio of 14.12 and a beta of 1.15. The company’s 50-day simple moving average is $138.06 and its two-hundred day simple moving average is $100.15. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $198.60.

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, beating the consensus estimate of $1.50 by $0.37. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 earnings per share. As a group, analysts predict that Atlassian Corporation PLC will post 0.94 EPS for the current year.

Atlassian Company Profile

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

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