Atlassian Corporation PLC $TEAM Position Boosted by Quantbot Technologies LP

Quantbot Technologies LP increased its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 740.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 94,179 shares of the technology company’s stock after purchasing an additional 82,968 shares during the quarter. Atlassian comprises about 0.6% of Quantbot Technologies LP’s portfolio, making the stock its 13th biggest holding. Quantbot Technologies LP’s holdings in Atlassian were worth $19,986,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in TEAM. Wellington Management Group LLP increased its stake in shares of Atlassian by 87.4% during the first quarter. Wellington Management Group LLP now owns 880,406 shares of the technology company’s stock valued at $186,831,000 after acquiring an additional 410,530 shares during the period. Brooklyn Investment Group increased its stake in shares of Atlassian by 12.3% during the first quarter. Brooklyn Investment Group now owns 1,111 shares of the technology company’s stock valued at $236,000 after acquiring an additional 122 shares during the period. Makena Capital Management LLC increased its stake in shares of Atlassian by 48.7% during the first quarter. Makena Capital Management LLC now owns 45,688 shares of the technology company’s stock valued at $9,695,000 after acquiring an additional 14,959 shares during the period. Algert Global LLC acquired a new position in shares of Atlassian during the first quarter valued at approximately $4,701,000. Finally, Northwest & Ethical Investments L.P. increased its stake in shares of Atlassian by 208.0% during the first quarter. Northwest & Ethical Investments L.P. now owns 4,466 shares of the technology company’s stock valued at $946,000 after acquiring an additional 3,016 shares during the period. 94.45% of the stock is owned by institutional investors.

Atlassian Trading Up 1.6%

Shares of NASDAQ:TEAM opened at $167.00 on Monday. The firm has a fifty day moving average of $194.44 and a two-hundred day moving average of $221.84. The firm has a market capitalization of $43.84 billion, a P/E ratio of -168.69 and a beta of 0.96. Atlassian Corporation PLC has a 12-month low of $145.88 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.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same quarter last year, the business posted $0.66 EPS. The company’s revenue for the quarter was up 22.3% on a year-over-year basis. On average, equities analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Rajeev Bashyam Rajan sold 3,517 shares of Atlassian stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $163.43, for a total value of $574,783.31. Following the completion of the sale, the chief technology officer owned 143,898 shares of the company’s stock, valued at approximately $23,517,250.14. The trade was a 2.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $163.26, for a total transaction of $1,251,387.90. Following the completion of the sale, the chief executive officer directly owned 245,280 shares of the company’s stock, valued at approximately $40,044,412.80. The trade was a 3.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 510,700 shares of company stock worth $100,415,703 in the last 90 days. 38.55% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TEAM has been the topic of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and set a $300.00 price objective (down previously from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Capital One Financial lowered shares of Atlassian from an “overweight” rating to an “equal weight” rating and set a $211.00 price target on the stock. in a research report on Wednesday, July 16th. Raymond James Financial set a $250.00 price target on shares of Atlassian and gave the stock an “outperform” rating in a research report on Friday, August 8th. Wells Fargo & Company decreased their price target on shares of Atlassian from $330.00 to $315.00 and set an “overweight” rating on the stock in a research report on Friday, May 2nd. Finally, Barclays decreased their price target on shares of Atlassian from $244.00 to $215.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $259.76.

Atlassian Company 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.