Bull Harbor Capital LLC Buys Shares of 8,997 Atlassian Corporation PLC $TEAM

Bull Harbor Capital LLC bought a new stake in Atlassian Corporation PLC (NASDAQ:TEAM) during the first quarter, Holdings Channel reports. The institutional investor bought 8,997 shares of the technology company’s stock, valued at approximately $614,000.

A number of other hedge funds have also made changes to their positions in TEAM. NewEdge Advisors LLC boosted its holdings in shares of Atlassian by 71.6% during the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock worth $1,153,000 after purchasing an additional 2,267 shares during the period. Empowered Funds LLC increased its stake in Atlassian by 39.5% in the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock valued at $995,000 after buying an additional 1,328 shares during the period. Focus Partners Wealth increased its stake in Atlassian by 32.6% in the 1st quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock valued at $875,000 after buying an additional 1,014 shares during the period. Geneos Wealth Management Inc. lifted its position in Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after buying an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC lifted its position in Atlassian by 27.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock worth $380,000 after buying an additional 404 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Performance

TEAM opened at $98.12 on Friday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $24.90 billion, a PE ratio of -118.22, a price-to-earnings-growth ratio of 8.28 and a beta of 1.11. The stock has a 50-day moving average of $90.18 and a 200-day moving average of $87.36. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $199.09.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data 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. The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The firm’s revenue was up 31.7% compared to the same quarter last year. During the same period last year, the business earned $0.97 EPS. As a group, equities research analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Bank of America lowered their price target on shares of Atlassian from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research report on Friday, July 17th. Guggenheim set a $115.00 target price on Atlassian in a research note on Thursday, April 9th. Robert W. Baird set a $120.00 price target on Atlassian in a research note on Friday, May 1st. Finally, Mizuho reduced their price target on Atlassian from $185.00 to $145.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Twenty-one analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $138.50.

Insider Buying and Selling

In other news, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the sale, the executive directly owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This represents a 1.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company’s stock.

Atlassian 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.