Bessemer Group Inc. Buys 1,674 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Bessemer Group Inc. grew its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 0.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 307,767 shares of the technology company’s stock after buying an additional 1,674 shares during the period. Bessemer Group Inc. owned 0.12% of Atlassian worth $65,310,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in TEAM. Farther Finance Advisors LLC increased its position in Atlassian by 37.7% during the 1st quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company’s stock valued at $80,000 after purchasing an additional 101 shares during the period. LPL Financial LLC boosted its stake in shares of Atlassian by 93.4% in the 4th quarter. LPL Financial LLC now owns 51,534 shares of the technology company’s stock valued at $12,542,000 after purchasing an additional 24,891 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of Atlassian during the first quarter worth $252,000. Yousif Capital Management LLC raised its stake in Atlassian by 2.9% during the first quarter. Yousif Capital Management LLC now owns 2,063 shares of the technology company’s stock worth $438,000 after buying an additional 58 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new position in Atlassian during the fourth quarter worth $10,805,000. 94.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TEAM has been the topic of a number of research analyst reports. Jefferies Financial Group cut their price target on shares of Atlassian from $330.00 to $262.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Morgan Stanley decreased their target price on Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Cantor Fitzgerald upgraded Atlassian from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $304.00 to $272.00 in a report on Wednesday, April 2nd. Wells Fargo & Company dropped their price target on Atlassian from $330.00 to $315.00 and set an “overweight” rating on the stock in a research note on Friday, May 2nd. Finally, UBS Group reduced their price objective on shares of Atlassian from $230.00 to $215.00 and set a “neutral” rating for the company in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $282.19.

Atlassian Stock Performance

Shares of Atlassian stock opened at $198.36 on Thursday. Atlassian Corporation PLC has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The business has a 50 day moving average price of $209.89 and a 200-day moving average price of $238.82. The company has a market cap of $52.07 billion, a PE ratio of -119.49 and a beta of 0.96.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the firm posted $0.89 EPS. Atlassian’s quarterly revenue was up 14.1% compared to the same quarter last year. Equities analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Gene Liu sold 541 shares of Atlassian stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total transaction of $122,000.91. Following the sale, the chief accounting officer now directly owns 51,481 shares in the company, valued at approximately $11,609,480.31. This trade represents a 1.04% 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, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $192.68, for a total value of $1,476,892.20. Following the completion of the transaction, the director now owns 38,325 shares of the company’s stock, valued at $7,384,461. This trade represents a 16.67% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 381,287 shares of company stock worth $79,609,626. 38.55% of the stock is owned by insiders.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.