Elwood Capital Partners LP Buys Shares of 14,088 Atlassian Co. (NASDAQ:TEAM)

Elwood Capital Partners LP bought a new position in shares of Atlassian Co. (NASDAQ:TEAM) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 14,088 shares of the technology company’s stock, valued at approximately $3,429,000. Atlassian accounts for approximately 3.4% of Elwood Capital Partners LP’s holdings, making the stock its 8th biggest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. Corebridge Financial Inc. raised its stake in Atlassian by 0.3% during the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock worth $2,555,000 after buying an additional 35 shares during the period. Assetmark Inc. raised its position in shares of Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after purchasing an additional 41 shares during the period. Allworth Financial LP lifted its holdings in shares of Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after purchasing an additional 47 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Atlassian by 22.9% during the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock valued at $71,000 after purchasing an additional 54 shares in the last quarter. Finally, Venturi Wealth Management LLC grew its position in shares of Atlassian by 4.0% in the 4th quarter. Venturi Wealth Management LLC now owns 1,467 shares of the technology company’s stock valued at $357,000 after purchasing an additional 56 shares during the period. 94.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TEAM shares. Oppenheimer lifted their price target on shares of Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Piper Sandler boosted their price objective on shares of Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Truist Financial lowered their target price on Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a report on Monday. Mizuho boosted their price target on Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Finally, Wells Fargo & Company increased their price objective on Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Ten research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $314.73.

Atlassian Trading Down 2.7 %

Shares of Atlassian stock opened at $212.21 on Tuesday. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a market capitalization of $55.60 billion, a price-to-earnings ratio of -158.36 and a beta of 0.91. The business has a fifty day simple moving average of $268.47 and a two-hundred day simple moving average of $239.44. 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 announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Research analysts forecast that Atlassian Co. will post -0.34 EPS for the current year.

Insider Transactions at Atlassian

In other Atlassian news, CFO Joseph Leo Binz sold 2,587 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.09, for a total transaction of $807,376.83. Following the transaction, the chief financial officer now owns 169,342 shares in the company, valued at $52,849,944.78. This represents a 1.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $216.63, for a total transaction of $1,721,775.24. Following the completion of the sale, the chief executive officer now owns 7,948 shares of the company’s stock, valued at approximately $1,721,775.24. The trade was a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 263,033 shares of company stock worth $70,403,022. Company insiders own 38.55% of the company’s stock.

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.