Balentine LLC Buys New Shares in Atlassian Co. (NASDAQ:TEAM)

Balentine LLC bought a new stake in Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 954 shares of the technology company’s stock, valued at approximately $227,000.

Other hedge funds have also recently made changes to their positions in the company. Baillie Gifford & Co. boosted its holdings in Atlassian by 20.7% in the fourth quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock valued at $2,094,980,000 after purchasing an additional 1,511,318 shares during the last quarter. Morgan Stanley boosted its holdings in Atlassian by 156.8% in the third quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock valued at $361,449,000 after purchasing an additional 1,095,297 shares during the last quarter. Norges Bank purchased a new stake in shares of Atlassian during the 4th quarter worth about $247,740,000. Brown Advisory Inc. boosted its stake in shares of Atlassian by 7.9% during the 4th quarter. Brown Advisory Inc. now owns 3,473,105 shares of the technology company’s stock worth $826,113,000 after acquiring an additional 255,653 shares in the last quarter. Finally, WCM Investment Management LLC boosted its stake in shares of Atlassian by 2.7% during the 4th quarter. WCM Investment Management LLC now owns 9,640,536 shares of the technology company’s stock worth $2,325,490,000 after acquiring an additional 249,017 shares in the last quarter. 93.03% of the stock is owned by institutional investors and hedge funds.

Atlassian Stock Down 0.4 %

Shares of NASDAQ TEAM opened at $174.18 on Friday. The firm has a market cap of $45.34 billion, a price-to-earnings ratio of -276.48 and a beta of 0.67. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82. Atlassian Co. has a 52-week low of $156.05 and a 52-week high of $258.69. The business’s 50 day moving average is $190.45 and its two-hundred day moving average is $205.80.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.62 by $0.27. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 13.95%. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.40) earnings per share. Research analysts predict that Atlassian Co. will post -0.23 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. KeyCorp assumed coverage on shares of Atlassian in a research note on Tuesday, March 19th. They set a “sector weight” rating on the stock. UBS Group decreased their price target on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating on the stock in a research note on Friday, February 2nd. Piper Sandler cut their price objective on shares of Atlassian from $225.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, April 26th. Oppenheimer cut their price objective on shares of Atlassian from $300.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Finally, Barclays upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $235.00 to $275.00 in a report on Thursday, April 11th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $223.22.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $178.45, for a total value of $1,470,606.45. Following the completion of the transaction, the chief executive officer now owns 209,871 shares in the company, valued at $37,451,479.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $178.45, for a total value of $1,470,606.45. Following the completion of the transaction, the chief executive officer now owns 209,871 shares in the company, valued at $37,451,479.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Gene Liu sold 582 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $215.00, for a total transaction of $125,130.00. Following the completion of the transaction, the chief accounting officer now owns 45,865 shares of the company’s stock, valued at approximately $9,860,975. The disclosure for this sale can be found here. Insiders sold a total of 291,922 shares of company stock worth $56,445,177 over the last 90 days. Corporate insiders own 40.48% of the company’s stock.

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.