Edgestream Partners L.P. Boosts Stake in Atlassian Co. (NASDAQ:TEAM)

Edgestream Partners L.P. raised its holdings in Atlassian Co. (NASDAQ:TEAM) by 53.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 22,317 shares of the technology company’s stock after acquiring an additional 7,787 shares during the quarter. Edgestream Partners L.P.’s holdings in Atlassian were worth $3,947,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of TEAM. Dimensional Fund Advisors LP lifted its position in Atlassian by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 142,466 shares of the technology company’s stock valued at $33,891,000 after purchasing an additional 2,872 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Atlassian by 22.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 24,575 shares of the technology company’s stock worth $5,845,000 after acquiring an additional 4,494 shares in the last quarter. Great Lakes Advisors LLC bought a new position in Atlassian in the fourth quarter valued at $222,000. Norges Bank purchased a new stake in Atlassian during the fourth quarter valued at about $247,740,000. Finally, Hillsdale Investment Management Inc. bought a new stake in Atlassian during the fourth quarter worth about $563,000. Institutional investors own 93.03% of the company’s stock.

Insider Activity at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $156.59, for a total value of $1,244,577.32. Following the completion of the transaction, the chief executive officer now owns 47,688 shares in the company, valued at $7,467,463.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the sale, the chief technology officer now owns 128,957 shares in the company, valued at approximately $18,838,038.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $156.59, for a total value of $1,244,577.32. Following the transaction, the chief executive officer now owns 47,688 shares of the company’s stock, valued at approximately $7,467,463.92. The disclosure for this sale can be found here. Insiders have sold 240,159 shares of company stock worth $40,255,831 over the last ninety days. 40.48% of the stock is owned by corporate insiders.

Atlassian Stock Down 5.6 %

Shares of NASDAQ TEAM opened at $155.82 on Wednesday. The firm has a fifty day simple moving average of $162.94 and a two-hundred day simple moving average of $176.05. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $258.69. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $40.56 billion, a PE ratio of -247.33 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. Atlassian’s revenue was up 20.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.21) earnings per share. Equities analysts expect that Atlassian Co. will post -0.58 earnings per share for the current year.

Analyst Ratings Changes

TEAM has been the topic of a number of research reports. Baird R W cut Atlassian from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. The Goldman Sachs Group upgraded shares of Atlassian from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $200.00 to $230.00 in a report on Friday, August 2nd. Wells Fargo & Company reduced their target price on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating on the stock in a report on Friday, June 21st. Oppenheimer lowered their price target on shares of Atlassian from $250.00 to $230.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Truist Financial reduced their price objective on Atlassian from $200.00 to $160.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Atlassian has a consensus rating of “Moderate Buy” and a consensus target price of $217.69.

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.