Polar Capital Holdings Plc Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Polar Capital Holdings Plc purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 22,865 shares of the technology company’s stock, valued at approximately $5,565,000.

Several other large investors have also modified their holdings of TEAM. Corebridge Financial Inc. boosted its stake in Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock valued at $2,555,000 after acquiring an additional 35 shares during the period. GeoWealth Management LLC raised its holdings in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock worth $44,000 after purchasing an additional 38 shares in the last quarter. Assetmark Inc. raised its holdings in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after purchasing an additional 41 shares in the last quarter. Allworth Financial LP raised its holdings in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after purchasing an additional 47 shares in the last quarter. Finally, Covenant Partners LLC raised its holdings in Atlassian by 4.2% during the fourth quarter. Covenant Partners LLC now owns 1,328 shares of the technology company’s stock worth $323,000 after purchasing an additional 53 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Analyst Ratings Changes

TEAM has been the topic of several recent research reports. UBS Group decreased their price target on shares of Atlassian from $230.00 to $215.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Morgan Stanley decreased their price target on shares of Atlassian from $370.00 to $320.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Oppenheimer lifted their price target on shares of Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research report on Friday, January 31st. William Blair restated an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Finally, Macquarie decreased their price target on shares of Atlassian from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $285.29.

Atlassian Stock Down 1.8%

TEAM stock opened at $220.88 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a fifty day simple moving average of $213.69 and a 200 day simple moving average of $246.60. The firm has a market cap of $57.87 billion, a PE ratio of -164.83 and a beta of 1.06.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the business earned $0.89 EPS. Atlassian’s quarterly revenue was up 14.1% compared to the same quarter last year. Sell-side analysts anticipate that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $313.95, for a total transaction of $2,495,274.60. Following the completion of the transaction, the chief executive officer now owns 230,492 shares of the company’s stock, valued at $72,362,963.40. The trade was a 3.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,723 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total transaction of $526,962.32. Following the transaction, the president now directly owns 199,934 shares of the company’s stock, valued at approximately $61,147,814.56. This represents a 0.85% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 267,301 shares of company stock valued at $60,975,089. Insiders own 38.55% 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.