NorthCrest Asset Manangement LLC Increases Position in Atlassian Corporation PLC $TEAM

NorthCrest Asset Manangement LLC lifted its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 260.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,170 shares of the technology company’s stock after buying an additional 11,680 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Atlassian were worth $2,488,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC increased its stake in Atlassian by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock worth $1,153,000 after buying an additional 2,267 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Atlassian by 39.5% in the first quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock valued at $995,000 after acquiring an additional 1,328 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Atlassian by 32.6% in the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after acquiring an additional 1,014 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after acquiring an additional 161 shares during the period. Finally, Sivia Capital Partners LLC grew its position in shares of Atlassian by 27.5% during the second quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock worth $380,000 after purchasing an additional 404 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Insiders Place Their Bets

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $156.15, for a total transaction of $1,196,889.75. Following the completion of the transaction, the director owned 459,900 shares in the company, valued at $71,813,385. This trade represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $154.20, for a total transaction of $1,181,943.00. Following the completion of the sale, the chief executive officer owned 444,570 shares in the company, valued at approximately $68,552,694. This trade represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 297,283 shares of company stock valued at $40,674,300. 36.66% of the stock is currently owned by insiders.

Atlassian Price Performance

Shares of Atlassian stock opened at $73.73 on Monday. The firm has a market cap of $19.45 billion, a PE ratio of -102.40 and a beta of 0.94. The stock has a 50 day moving average of $96.26 and a 200 day moving average of $137.20. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62. Atlassian Corporation PLC has a 12 month low of $67.85 and a 12 month high of $242.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The company’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.96 EPS. On average, research analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

TEAM has been the topic of several recent analyst reports. Wells Fargo & Company decreased their target price on Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 17th. TD Cowen dropped their price target on Atlassian from $205.00 to $175.00 and set a “hold” rating for the company in a research note on Tuesday, January 20th. KeyCorp cut their price objective on shares of Atlassian from $210.00 to $170.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Citigroup lowered their target price on shares of Atlassian from $210.00 to $160.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Finally, BTIG Research dropped their target price on shares of Atlassian from $220.00 to $140.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Twenty-two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and a consensus target price of $180.48.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.