Entropy Technologies LP Purchases 37,782 Shares of Atlassian Corporation PLC $TEAM

Entropy Technologies LP grew its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 366.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 48,081 shares of the technology company’s stock after buying an additional 37,782 shares during the quarter. Entropy Technologies LP’s holdings in Atlassian were worth $3,282,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Inceptionr LLC bought a new position in shares of Atlassian during the 1st quarter valued at about $1,262,000. Mizuho Markets Americas LLC bought a new position in Atlassian during the first quarter worth about $351,000. Sei Investments Co. increased its holdings in shares of Atlassian by 30.4% in the first quarter. Sei Investments Co. now owns 89,740 shares of the technology company’s stock valued at $6,125,000 after purchasing an additional 20,907 shares during the last quarter. Globeflex Capital L P bought a new position in shares of Atlassian during the first quarter worth approximately $200,000. Finally, State of Wyoming raised its stake in Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after purchasing an additional 178 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $86.88 on Friday. Atlassian Corporation PLC has a 1-year low of $56.01 and a 1-year high of $206.00. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The stock’s 50-day moving average is $89.10 and its 200 day moving average is $89.34. The stock has a market cap of $22.05 billion, a price-to-earnings ratio of -104.67, a P/E/G ratio of 6.08 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.Atlassian’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.97 EPS. On average, sell-side analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TEAM shares. Citigroup cut their price target on shares of Atlassian from $160.00 to $110.00 and set a “buy” rating for the company in a report on Friday, May 1st. Wall Street Zen lowered shares of Atlassian from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. UBS Group cut their target price on shares of Atlassian from $105.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, May 1st. Robert W. Baird set a $120.00 price objective on shares of Atlassian in a report on Friday, May 1st. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Atlassian in a report on Friday, July 17th. Twenty-one equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $138.50.

Insider Buying and Selling

In related news, CFO James Chuong sold 8,838 shares of the company’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 value of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. This represents a 2.97% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 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 value 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 position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company’s stock.

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.