Northwestern Mutual Wealth Management Co. Acquires 10,004 Shares of Atlassian Corporation PLC $TEAM

Northwestern Mutual Wealth Management Co. raised its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 136.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,311 shares of the technology company’s stock after purchasing an additional 10,004 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Atlassian were worth $2,807,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Physician Wealth Advisors Inc. increased its stake in Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after purchasing an additional 61 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after purchasing an additional 161 shares in the last quarter. Atlantic Union Bankshares Corp increased its stake in Atlassian by 19,900.0% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after purchasing an additional 199 shares in the last quarter. Board of the Pension Protection Fund bought a new stake in Atlassian during the 4th quarter valued at $32,000. Finally, Bogart Wealth LLC increased its stake in Atlassian by 76.4% during the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock valued at $35,000 after purchasing an additional 94 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on TEAM shares. Jefferies Financial Group set a $150.00 price target on shares of Atlassian in a research note on Friday, February 6th. Wolfe Research restated an “outperform” rating and set a $100.00 price target on shares of Atlassian in a research note on Thursday, March 12th. UBS Group decreased their price target on shares of Atlassian from $105.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Wells Fargo & Company decreased their price target on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a research note on Tuesday, March 17th. Finally, Citigroup decreased their price target on shares of Atlassian from $160.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus price target of $145.63.

Insider Activity

In related news, CRO Brian Duffy sold 1,986 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $174,271.50. Following the completion of the transaction, the executive owned 236,841 shares in the company, valued at approximately $20,782,797.75. This represents a 0.83% 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 link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. 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. In the last 90 days, insiders have sold 10,891 shares of company stock valued at $955,683. 36.66% of the stock is owned by company insiders.

Atlassian Price Performance

TEAM opened at $85.42 on Tuesday. The firm has a market cap of $21.68 billion, a P/E ratio of -102.92, a PEG ratio of 4.84 and a beta of 0.90. The firm has a 50-day moving average of $74.05 and a 200 day moving average of $109.66. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $222.59.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 earnings per share. On average, research analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current year.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.