Connor Clark & Lunn Investment Management Ltd. Raises Holdings in Atlassian Co. Plc (NASDAQ:TEAM)

Connor Clark & Lunn Investment Management Ltd. grew its position in Atlassian Co. Plc (NASDAQ:TEAM) by 84.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 64,252 shares of the technology company’s stock after buying an additional 29,361 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Atlassian were worth $16,504,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Stratos Wealth Partners LTD. lifted its stake in shares of Atlassian by 3.2% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 1,258 shares of the technology company’s stock worth $323,000 after purchasing an additional 39 shares during the last quarter. Applied Research Investments LLC lifted its stake in shares of Atlassian by 0.3% during the 2nd quarter. Applied Research Investments LLC now owns 12,007 shares of the technology company’s stock worth $3,084,000 after purchasing an additional 41 shares during the last quarter. Lloyd Advisory Services LLC. lifted its stake in shares of Atlassian by 45.7% during the 2nd quarter. Lloyd Advisory Services LLC. now owns 134 shares of the technology company’s stock worth $34,000 after purchasing an additional 42 shares during the last quarter. Wealth Architects LLC lifted its stake in shares of Atlassian by 4.2% during the 2nd quarter. Wealth Architects LLC now owns 1,084 shares of the technology company’s stock worth $279,000 after purchasing an additional 44 shares during the last quarter. Finally, Kistler Tiffany Companies LLC lifted its stake in shares of Atlassian by 29.3% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 212 shares of the technology company’s stock worth $54,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 85.92% of the company’s stock.

A number of brokerages recently weighed in on TEAM. Wolfe Research began coverage on Atlassian in a research note on Monday, August 30th. They set an “outperform” rating and a $400.00 price objective for the company. Mizuho increased their price target on Atlassian from $310.00 to $370.00 and gave the company a “buy” rating in a research note on Friday, July 30th. Cowen cut Atlassian from an “outperform” rating to a “market perform” rating and set a $260.00 price target for the company. in a research note on Thursday, July 22nd. They noted that the move was a valuation call. Piper Sandler increased their price target on Atlassian from $259.00 to $308.00 and gave the company an “overweight” rating in a research note on Friday, July 30th. Finally, Morgan Stanley increased their price target on Atlassian from $292.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 30th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $314.11.

Atlassian stock opened at $413.94 on Friday. The firm has a market cap of $56.84 billion, a price-to-earnings ratio of -147.84, a price-to-earnings-growth ratio of 62.83 and a beta of 0.84. Atlassian Co. Plc has a 52 week low of $175.78 and a 52 week high of $420.23. The business’s 50-day moving average price is $346.19 and its 200 day moving average price is $273.88.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Wednesday, July 28th. The technology company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.18 by $0.06. The firm had revenue of $559.54 million for the quarter, compared to analyst estimates of $521.61 million. Atlassian had a positive return on equity of 10.09% and a negative net margin of 33.33%. On average, sell-side analysts anticipate that Atlassian Co. Plc will post 0.29 earnings per share for the current fiscal year.

About Atlassian

Atlassian Corp. Plc is a holding company, which engages in the design, development, license, and maintenance of software and provision software hosting services. Its products include Jira software, align, core, and Service Desk, Confluence, Trello, Bitbucket, Sourcetree, bamboo, opsgenie, and statuspage.

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Institutional Ownership by Quarter for Atlassian (NASDAQ:TEAM)

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