Carnegie Investment Counsel Invests $1.28 Million in Atlassian Corporation PLC $TEAM

Carnegie Investment Counsel purchased a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,820 shares of the technology company’s stock, valued at approximately $1,284,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TEAM. MV Capital Management Inc. acquired a new position in shares of Atlassian in the fourth quarter worth $25,000. Board of the Pension Protection Fund acquired a new stake in Atlassian during the fourth quarter valued at $32,000. Basepoint Wealth LLC acquired a new stake in Atlassian during the fourth quarter valued at $32,000. Garton & Associates Financial Advisors LLC purchased a new position in Atlassian in the fourth quarter valued at about $32,000. Finally, Bogart Wealth LLC grew its stake in Atlassian by 76.4% in the fourth 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. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Atlassian

In related news, CFO James Chuong sold 8,838 shares of Atlassian 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 completion of the transaction, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the sale, the executive owned 227,691 shares in the company, valued at $20,426,159.61. The trade was a 1.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 20,041 shares of company stock valued at $1,801,069 in the last quarter. 36.66% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on TEAM shares. Raymond James Financial set a $130.00 price target on Atlassian in a research note on Friday, May 1st. TD Cowen boosted their price target on Atlassian from $85.00 to $105.00 and gave the company a “hold” rating in a research note on Friday, May 1st. BMO Capital Markets dropped their price objective on Atlassian from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Thursday, June 25th. KeyCorp decreased their target price on shares of Atlassian from $130.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Finally, Oppenheimer increased their price target on shares of Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Twenty-one investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $144.70.

Atlassian Price Performance

Atlassian stock opened at $96.16 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $24.40 billion, a PE ratio of -115.86, a price-to-earnings-growth ratio of 5.01 and a beta of 1.11. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $206.00. The business has a 50 day simple moving average of $88.71 and a 200 day simple moving average of $93.38.

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

Atlassian Company Profile

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.