Atreides Management LP Increases Holdings in Atlassian Corporation PLC $TEAM

Atreides Management LP grew its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 30.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 398,230 shares of the technology company’s stock after acquiring an additional 92,999 shares during the quarter. Atlassian makes up 0.8% of Atreides Management LP’s holdings, making the stock its 27th biggest holding. Atreides Management LP’s holdings in Atlassian were worth $64,569,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in TEAM. NewEdge Advisors LLC raised its position in shares of Atlassian by 71.6% during the 1st quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock valued at $1,153,000 after buying an additional 2,267 shares in the last quarter. Empowered Funds LLC raised its position in shares of Atlassian by 39.5% during 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 in the last quarter. Focus Partners Wealth raised its position in shares of Atlassian by 32.6% during 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 in the last quarter. Geneos Wealth Management Inc. raised its position in shares of 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 buying an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC raised its position in shares of Atlassian by 27.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock valued at $380,000 after buying an additional 404 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Piper Sandler decreased their target price on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Sanford C. Bernstein restated an “outperform” rating and set a $295.00 target price on shares of Atlassian in a research report on Friday, May 1st. Citigroup cut their price target on shares of Atlassian from $160.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Mizuho cut their price target on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Finally, Wells Fargo & Company cut their price target on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a report on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average price target of $145.63.

Insider Buying and Selling

In other news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive directly owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the transaction, 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. Over the last ninety days, insiders have sold 20,041 shares of company stock worth $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $84.39 on Thursday. The firm has a market cap of $21.42 billion, a PE ratio of -101.67, a price-to-earnings-growth ratio of 4.99 and a beta of 1.07. The firm’s 50 day simple moving average is $82.64 and its 200-day simple moving average is $103.00. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $222.59. 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 (NASDAQ:TEAM) last issued its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. The business had revenue of $1.79 billion for 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 company’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same period last year, the company posted $0.97 earnings per share. As a group, equities analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current year.

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.