Globeflex Capital L P Takes Position in Atlassian Corporation PLC $TEAM

Globeflex Capital L P acquired a new position in Atlassian Corporation PLC (NASDAQ:TEAM) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 5,882 shares of the technology company’s stock, valued at approximately $458,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. C M Bidwell & Associates Ltd. purchased a new stake in Atlassian during the 2nd quarter valued at about $366,000. Plato Investment Management Ltd purchased a new position in Atlassian in the 2nd quarter worth approximately $1,271,000. E. Ohman J or Asset Management AB increased its stake in Atlassian by 30.0% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 6,059 shares of the technology company’s stock worth $471,000 after purchasing an additional 1,400 shares during the period. Fluent Financial LLC bought a new stake in Atlassian in the second quarter valued at approximately $2,239,000. Finally, FNY Investment Advisers LLC boosted its stake in shares of Atlassian by 1,503.1% during the second quarter. FNY Investment Advisers LLC now owns 10,420 shares of the technology company’s stock valued at $810,000 after purchasing an additional 9,770 shares during the period. Institutional investors own 94.45% of the company’s stock.

Insiders Place Their Bets

In other news, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the sale, the chief financial officer owned 279,218 shares of the company’s stock, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 7,617 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the transaction, the executive owned 220,074 shares in the company, valued at $35,872,062. This 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. In the last ninety days, insiders sold 30,349 shares of company stock worth $4,418,849. 36.66% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently commented on TEAM shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $126.00 target price on shares of Atlassian in a research note on Monday, August 3rd. Barclays increased their price target on shares of Atlassian from $112.00 to $172.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Piper Sandler cut their price target on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. BTIG Research boosted their price objective on shares of Atlassian from $130.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Finally, FBN Securities reaffirmed an “outperform” rating and set a $170.00 price objective on shares of Atlassian in a research note on Monday, August 10th. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $178.63.

Atlassian Price Performance

TEAM opened at $166.49 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $184.00. The stock has a market capitalization of $42.25 billion, a PE ratio of -876.26, a price-to-earnings-growth ratio of 13.46 and a beta of 1.05. The stock’s 50 day moving average price is $109.01 and its 200-day moving average price is $90.22.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.37. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The firm’s revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.98 earnings per share. On average, equities research analysts predict that Atlassian Corporation PLC will post 0.94 EPS for the current 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.