Washington Harbour Partners LP Purchases New Shares in Atlassian Co. (NASDAQ:TEAM)

Washington Harbour Partners LP acquired a new position in Atlassian Co. (NASDAQ:TEAM) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,200 shares of the technology company’s stock, valued at approximately $1,996,000. Atlassian makes up 3.7% of Washington Harbour Partners LP’s investment portfolio, making the stock its 14th biggest position.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Murphy & Mullick Capital Management Corp purchased a new stake in Atlassian in the fourth quarter worth about $27,000. Colonial Trust Co SC grew its stake in Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after purchasing an additional 69 shares during the period. Summit Securities Group LLC bought a new position in Atlassian in the fourth quarter worth $38,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Atlassian during the fourth quarter valued at $39,000. Finally, Avion Wealth boosted its holdings in shares of Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after buying an additional 157 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Trading Down 2.9%

NASDAQ:TEAM opened at $214.47 on Tuesday. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The business has a fifty day moving average price of $213.39 and a 200-day moving average price of $247.54. The firm has a market capitalization of $56.30 billion, a price-to-earnings ratio of -160.05 and a beta of 1.06. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results 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 return on equity of 17.37% and a negative net margin of 7.22%. 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 company posted $0.89 earnings per share. Atlassian’s revenue for the quarter was up 14.1% on a year-over-year basis. Sell-side analysts forecast that Atlassian Co. will post -0.34 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CAO Gene Liu sold 541 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total transaction of $122,000.91. Following the sale, the chief accounting officer now directly owns 51,481 shares of the company’s stock, valued at $11,609,480.31. This trade represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 1,723 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $305.84, for a total value of $526,962.32. Following the completion of the transaction, the president now owns 199,934 shares in the company, valued at $61,147,814.56. The trade was a 0.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 275,249 shares of company stock valued at $61,999,348 over the last 90 days. 38.55% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on TEAM shares. UBS Group decreased their price target on shares of Atlassian from $230.00 to $215.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Canaccord Genuity Group reduced their price objective on Atlassian from $300.00 to $255.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Morgan Stanley dropped their target price on Atlassian from $370.00 to $320.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. The Goldman Sachs Group raised their price target on Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $300.00 price target (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $285.29.

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.