Benchstone Capital Management LP Makes New $26.84 Million Investment in Atlassian Co. (NASDAQ:TEAM)

Benchstone Capital Management LP bought a new position in Atlassian Co. (NASDAQ:TEAM - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 110,288 shares of the technology company's stock, valued at approximately $26,842,000. Atlassian accounts for 2.8% of Benchstone Capital Management LP's investment portfolio, making the stock its 17th biggest position.

Other large investors have also recently modified their holdings of the company. Corebridge Financial Inc. lifted its stake in shares of 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 acquiring an additional 35 shares during the last quarter. GeoWealth Management LLC lifted its position in shares of Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after purchasing an additional 38 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after purchasing an additional 41 shares during the period. Allworth Financial LP grew its holdings in shares of Atlassian by 3.1% in the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock worth $404,000 after purchasing an additional 47 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Atlassian by 22.9% in the 4th quarter. GAMMA Investing LLC now owns 290 shares of the technology company's stock worth $71,000 after buying an additional 54 shares during the period. Institutional investors own 94.45% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on TEAM. Baird R W raised shares of Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Citigroup increased their price objective on Atlassian from $255.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Jefferies Financial Group reduced their price objective on Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Barclays lowered their price objective on shares of Atlassian from $350.00 to $260.00 and set an "overweight" rating for the company in a research note on Monday. Finally, Scotiabank lifted their price target on Atlassian from $250.00 to $330.00 and gave the company a "sector perform" rating in a report on Friday, January 31st. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Atlassian has an average rating of "Moderate Buy" and an average price target of $285.29.

Atlassian Price Performance

Shares of TEAM stock traded down $2.18 during mid-day trading on Wednesday, hitting $205.71. 2,203,106 shares of the stock were exchanged, compared to its average volume of 2,078,968. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The firm has a fifty day moving average of $219.57 and a 200 day moving average of $245.69. The company has a market cap of $53.90 billion, a PE ratio of -153.51 and a beta of 1.06.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Atlassian's quarterly revenue was up 14.1% compared to the same quarter last year. During the same period last year, the company earned $0.89 earnings per share. Research analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction on Friday, February 14th. The shares were sold at an average price of $312.58, for a total transaction of $475,121.60. Following the sale, the president now owns 201,657 shares of the company's stock, valued at $63,033,945.06. The trade was a 0.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $315.69, for a total transaction of $2,509,104.12. Following the transaction, the director now owns 278,180 shares in the company, valued at $87,818,644.20. The trade was a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 260,734 shares of company stock valued at $62,944,544 over the last ninety days. Corporate insiders own 38.55% of the company's stock.

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.