Ardmore Road Asset Management LP Invests $8.52 Million in Atlassian Co. (NASDAQ:TEAM)

Ardmore Road Asset Management LP purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 35,000 shares of the technology company’s stock, valued at approximately $8,518,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA purchased a new position in shares of Atlassian during the fourth quarter valued at approximately $687,486,000. Elwood Capital Partners LP purchased a new position in Atlassian during the 4th quarter valued at $3,429,000. Geode Capital Management LLC grew its position in Atlassian by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock valued at $528,851,000 after acquiring an additional 27,899 shares during the last quarter. HighPoint Advisor Group LLC increased its stake in Atlassian by 7.2% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,016 shares of the technology company’s stock worth $247,000 after purchasing an additional 68 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of Atlassian by 9.9% during the fourth quarter. Franklin Resources Inc. now owns 73,275 shares of the technology company’s stock worth $17,834,000 after purchasing an additional 6,587 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Trading Up 2.0 %

Shares of Atlassian stock opened at $216.41 on Wednesday. The stock has a market cap of $56.70 billion, a PE ratio of -161.50 and a beta of 0.91. The firm has a fifty day moving average price of $267.68 and a 200 day moving average price of $239.81. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. 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 released its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Equities research analysts predict that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Jefferies Financial Group cut their price target on shares of Atlassian from $400.00 to $330.00 and set a “buy” rating on the stock in a report on Monday. Morgan Stanley boosted their price target on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Scotiabank raised their price objective on Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a 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. Finally, William Blair restated an “outperform” rating on shares of Atlassian in a research note on Friday, January 31st. Ten research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $310.18.

Insider Transactions at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total transaction of $394,972.00. Following the completion of the sale, the president now directly owns 210,471 shares in the company, valued at approximately $54,690,889.35. The trade was a 0.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $209.73, for a total value of $1,666,934.04. The disclosure for this sale can be found here. Insiders have sold a total of 270,981 shares of company stock valued at $72,069,956 in the last ninety days. 38.55% of the stock is currently owned by corporate insiders.

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.