Fisher Funds Management LTD Buys 51,675 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Fisher Funds Management LTD boosted its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 26.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 247,166 shares of the technology company’s stock after purchasing an additional 51,675 shares during the period. Atlassian makes up approximately 1.3% of Fisher Funds Management LTD’s holdings, making the stock its 24th largest position. Fisher Funds Management LTD’s holdings in Atlassian were worth $52,437,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in shares of Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after buying an additional 1,806,042 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Atlassian during the 4th quarter valued at about $687,486,000. Invesco Ltd. boosted its holdings in shares of Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after buying an additional 1,777,179 shares during the last quarter. Geode Capital Management LLC grew its position in Atlassian by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock valued at $528,851,000 after buying an additional 27,899 shares during the period. Finally, Voya Investment Management LLC increased its holdings in Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock valued at $528,693,000 after buying an additional 2,160,810 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TEAM shares. UBS Group cut 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. Truist Financial reduced their price target on Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Macquarie lowered their price objective on Atlassian from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Jefferies Financial Group cut their price objective on Atlassian from $330.00 to $262.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Finally, Morgan Stanley dropped their price target on shares of Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $282.19.

Insider Activity

In related news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $213.97, for a total transaction of $1,640,080.05. Following the completion of the sale, the director owned 467,565 shares in the company, valued at $100,044,883.05. This trade represents a 1.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $213.97, for a total transaction of $1,640,080.05. Following the transaction, the chief executive officer directly owned 467,565 shares in the company, valued at approximately $100,044,883.05. This trade represents a 1.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 410,815 shares of company stock valued at $85,532,872. 38.55% of the stock is owned by insiders.

Atlassian Stock Up 3.2%

Shares of TEAM opened at $213.43 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a market cap of $56.03 billion, a PE ratio of -128.57 and a beta of 0.94. The business has a fifty day moving average of $209.88 and a 200 day moving average of $235.94.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business’s revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the business earned $0.89 EPS. On average, sell-side analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Atlassian Company 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.