Globeflex Capital L P Acquires Shares of 5,882 Atlassian Corporation PLC $TEAM

Globeflex Capital L P bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,882 shares of the technology company’s stock, valued at approximately $458,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TEAM. MV Capital Management Inc. purchased a new position in Atlassian during the 4th quarter valued at about $25,000. MassMutual Private Wealth & Trust FSB boosted its stake in Atlassian by 139.2% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock worth $29,000 after acquiring an additional 220 shares in the last quarter. Western Wealth Management LLC purchased a new stake in Atlassian in the first quarter worth about $30,000. State of Wyoming grew its holdings in Atlassian by 65.7% in the first quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after purchasing an additional 178 shares during the period. Finally, Basepoint Wealth LLC bought a new position in shares of Atlassian during the fourth quarter valued at approximately $32,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Atlassian

In other Atlassian news, CRO Brian Duffy sold 7,617 shares of Atlassian stock in a transaction on Friday, August 14th. The stock was sold at an average price of $163.00, for a total value of $1,241,571.00. Following the completion of the sale, the executive owned 220,074 shares of the company’s stock, valued at approximately $35,872,062. This trade represents a 3.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the transaction, the chief financial officer owned 279,218 shares of the company’s stock, valued at $48,151,144.10. This represents a 3.14% 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 three months, insiders have sold 30,349 shares of company stock valued at $4,418,849. 36.66% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on TEAM shares. KeyCorp lifted their target price on shares of Atlassian from $115.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a research note on Friday, July 17th. FBN Securities reaffirmed an “outperform” rating and set a $170.00 price objective on shares of Atlassian in a research report on Monday, August 10th. Raymond James Financial set a $180.00 price objective on Atlassian in a research note on Friday, August 7th. Finally, Wells Fargo & Company boosted their target price on Atlassian from $140.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Twenty-five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $178.63.

Atlassian Trading Down 2.8%

Shares of NASDAQ TEAM opened at $166.49 on Wednesday. The firm’s 50 day moving average price is $109.01 and its 200-day moving average price is $90.22. The company has a market cap of $42.25 billion, a PE ratio of -876.26, a P/E/G ratio of 13.46 and a beta of 1.05. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $184.00. 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 (NASDAQ:TEAM) last posted its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The business’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 earnings per share. On average, equities research analysts expect that Atlassian Corporation PLC will post 0.94 EPS for the current fiscal 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.