Nuveen LLC Buys Shares of 1,544,058 Atlassian Corporation PLC (NASDAQ:TEAM)

Nuveen LLC bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,544,058 shares of the technology company’s stock, valued at approximately $327,665,000. Nuveen LLC owned 0.59% of Atlassian at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. GeoWealth Management LLC grew its position in Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after purchasing an additional 38 shares in the last quarter. True Wealth Design LLC increased its holdings in Atlassian by 21.6% during the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock worth $69,000 after buying an additional 50 shares during the last quarter. Covenant Partners LLC increased its holdings in Atlassian by 4.2% during the fourth quarter. Covenant Partners LLC now owns 1,328 shares of the technology company’s stock worth $323,000 after buying an additional 53 shares during the last quarter. First Citizens Bank & Trust Co. increased its holdings in Atlassian by 4.7% during the first quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company’s stock worth $253,000 after buying an additional 54 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in Atlassian by 25.9% during the first quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company’s stock worth $57,000 after buying an additional 55 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Trading Down 1.7%

Shares of Atlassian stock opened at $168.06 on Monday. Atlassian Corporation PLC has a 52-week low of $137.27 and a 52-week high of $326.00. The firm has a 50-day moving average of $199.40 and a 200-day moving average of $225.57. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a market cap of $44.12 billion, a PE ratio of -169.76 and a beta of 0.96.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the business posted $0.66 earnings per share. Atlassian’s revenue was up 22.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on TEAM shares. Morgan Stanley lowered their target price on shares of Atlassian from $370.00 to $320.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Mizuho lowered their target price on shares of Atlassian from $265.00 to $235.00 and set an “outperform” rating on the stock in a report on Friday. Truist Financial set a $230.00 target price on shares of Atlassian in a report on Friday. Wall Street Zen upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a report on Sunday, June 22nd. Finally, Oppenheimer decreased their price objective on shares of Atlassian from $300.00 to $275.00 and set an “outperform” rating on the stock in a report on Monday, July 21st. Five equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus target price of $260.67.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $185.81, for a total transaction of $1,424,233.65. Following the completion of the sale, the chief executive officer owned 291,270 shares of the company’s stock, valued at $54,120,878.70. This represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $185.81, for a total transaction of $1,424,233.65. Following the sale, the director directly owned 291,270 shares of the company’s stock, valued at $54,120,878.70. This represents a 2.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 514,163 shares of company stock valued at $104,577,447 in the last ninety days. 38.55% of the stock is currently owned by company insiders.

Atlassian Company 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.