Bearing Point Capital LLC Buys Shares of 1,600 Atlassian Corporation PLC (NASDAQ:TEAM)

Bearing Point Capital LLC purchased a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,600 shares of the technology company’s stock, valued at approximately $340,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Baillie Gifford & Co. lifted its holdings in Atlassian by 7.1% during the 1st quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company’s stock worth $1,845,114,000 after buying an additional 573,696 shares during the period. JPMorgan Chase & Co. raised its position in shares of Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Atlassian by 21.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company’s stock worth $730,175,000 after acquiring an additional 616,071 shares during the period. Invesco Ltd. lifted its stake 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 acquiring an additional 1,777,179 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Atlassian by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock worth $528,851,000 after purchasing an additional 27,899 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $222.47, for a total value of $1,768,191.56. Following the completion of the sale, the chief executive officer directly owned 143,064 shares of the company’s stock, valued at $31,827,448.08. This represents a 5.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total value of $1,643,646.40. Following the completion of the transaction, the director owned 174,856 shares in the company, valued at $36,160,220.80. This represents a 4.35% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 469,871 shares of company stock worth $97,195,068. 38.55% of the stock is owned by insiders.

Atlassian Price Performance

Shares of TEAM opened at $203.00 on Friday. The business’s fifty day moving average is $203.90 and its 200 day moving average is $230.20. Atlassian Corporation PLC has a 12-month low of $135.29 and a 12-month high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock has a market cap of $53.29 billion, a P/E ratio of -122.29 and a beta of 0.94.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate 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 in the prior year, the company posted $0.89 earnings per share. Sell-side analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Morgan Stanley reduced their price objective on shares of Atlassian from $370.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird upgraded shares of Atlassian from a “neutral” rating to an “outperform” rating and dropped their target price for the company from $320.00 to $255.00 in a report on Monday, April 14th. Barclays cut their price target on shares of Atlassian from $260.00 to $244.00 and set an “overweight” rating on the stock in a research report on Monday, July 21st. Canaccord Genuity Group lowered 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. Finally, Stephens dropped their price objective on Atlassian from $255.00 to $221.00 and set an “equal weight” rating on the stock in a research note on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $274.05.

Atlassian 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.