Atlassian Corporation PLC $TEAM Position Boosted by Chicago Partners Investment Group LLC

Chicago Partners Investment Group LLC grew its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 151.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,023 shares of the technology company’s stock after purchasing an additional 12,647 shares during the period. Chicago Partners Investment Group LLC’s holdings in Atlassian were worth $1,556,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. AQR Capital Management LLC boosted its holdings in shares of Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after purchasing an additional 5,769,788 shares during the period. Norges Bank acquired a new position in Atlassian in the 4th quarter valued at approximately $323,526,000. Morgan Stanley lifted its position in Atlassian by 52.4% in the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after buying an additional 1,657,309 shares in the last quarter. Carmignac Gestion lifted its position in Atlassian by 6,602.0% in the 4th quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company’s stock worth $195,601,000 after buying an additional 1,188,368 shares in the last quarter. Finally, DNB Asset Management AS lifted its position in Atlassian by 42.2% in the 4th quarter. DNB Asset Management AS now owns 3,990,216 shares of the technology company’s stock worth $646,974,000 after buying an additional 1,183,328 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was 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 owned 288,272 shares of the company’s stock, valued at $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 is available at 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 dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the sale, the executive 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 position. The SEC filing for this sale provides additional information. Insiders have sold 20,041 shares of company stock worth $1,801,069 over the last three months. Company insiders own 36.66% of the company’s stock.

Atlassian Stock Performance

TEAM stock opened at $89.08 on Wednesday. The firm has a 50 day moving average of $88.64 and a two-hundred day moving average of $92.88. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $206.00. The company has a market capitalization of $22.61 billion, a price-to-earnings ratio of -107.33, a P/E/G ratio of 5.42 and a beta of 1.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TEAM. BMO Capital Markets lowered their price target on shares of Atlassian from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Thursday, June 25th. Raymond James Financial set a $130.00 price objective on Atlassian in a report on Friday, May 1st. Guggenheim set a $115.00 price objective on Atlassian in a research report on Thursday, April 9th. Sanford C. Bernstein restated an “outperform” rating on shares of Atlassian in a research note on Monday, June 29th. Finally, Citigroup dropped their target price on Atlassian from $160.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Twenty-one research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $144.70.

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.