Benchstone Capital Management LP Boosts Stake in Atlassian Corporation PLC $TEAM

Benchstone Capital Management LP raised its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 28.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 166,490 shares of the technology company’s stock after purchasing an additional 37,055 shares during the quarter. Atlassian accounts for about 3.0% of Benchstone Capital Management LP’s portfolio, making the stock its 13th largest position. Benchstone Capital Management LP’s holdings in Atlassian were worth $33,812,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TEAM. Capco Asset Management LLC bought a new stake in shares of Atlassian during the 2nd quarter worth approximately $25,000. Geneos Wealth Management Inc. increased its stake in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares during the period. State of Wyoming increased its stake in Atlassian by 20.3% in the first quarter. State of Wyoming now owns 278 shares of the technology company’s stock worth $59,000 after purchasing an additional 47 shares during the period. Virtus Advisers LLC bought a new stake in shares of Atlassian during the second quarter worth $61,000. Finally, First Horizon Advisors Inc. boosted its stake in shares of Atlassian by 40.1% during the second quarter. First Horizon Advisors Inc. now owns 374 shares of the technology company’s stock valued at $76,000 after purchasing an additional 107 shares during the period. Institutional investors own 94.45% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the business’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $165.26, for a total transaction of $1,266,717.90. Following the transaction, the chief executive officer directly owned 15,330 shares in the company, valued at $2,533,435.80. The trade was a 33.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Scott Farquhar sold 7,665 shares of the stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $165.09, for a total value of $1,265,414.85. Following the completion of the sale, the director owned 22,995 shares of the company’s stock, valued at approximately $3,796,244.55. This trade represents a 25.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 581,181 shares of company stock valued at $91,738,233. 36.66% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $240.00 price target on shares of Atlassian in a research note on Friday, October 31st. Sanford C. Bernstein upped their target price on shares of Atlassian from $290.00 to $304.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Atlassian in a research note on Wednesday, October 8th. Mizuho increased their price objective on Atlassian from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $260.00 target price on shares of Atlassian in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $240.00.

Atlassian Stock Performance

Shares of Atlassian stock opened at $162.04 on Friday. The company has a market capitalization of $42.63 billion, a PE ratio of -228.22, a P/E/G ratio of 30.79 and a beta of 0.89. The company has a 50-day simple moving average of $155.86 and a two-hundred day simple moving average of $175.77. Atlassian Corporation PLC has a one year low of $139.70 and a one year high of $326.00. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 30th. The technology company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.21. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The company’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.77 EPS. Research analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Atlassian Profile

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.