Concentric Capital Strategies LP Buys Shares of 34,452 Atlassian Co. (NASDAQ:TEAM)

Concentric Capital Strategies LP bought a new stake in Atlassian Co. (NASDAQ:TEAM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 34,452 shares of the technology company's stock, valued at approximately $8,385,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in shares of Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after buying an additional 1,806,042 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Atlassian during the fourth quarter valued at about $687,486,000. Invesco Ltd. lifted its stake in shares of Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock valued at $595,171,000 after buying an additional 1,777,179 shares during the period. Geode Capital Management LLC grew its position in Atlassian by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock worth $528,851,000 after buying an additional 27,899 shares in the last quarter. Finally, Voya Investment Management LLC increased its stake in Atlassian by 17,941.0% during the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after acquiring an additional 2,160,810 shares during the period. Institutional investors own 94.45% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TEAM. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Piper Sandler reiterated an "overweight" rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. JMP Securities restated a "market perform" rating on shares of Atlassian in a research report on Friday, January 31st. William Blair reiterated an "outperform" rating on shares of Atlassian in a research report on Friday, January 31st. Finally, UBS Group decreased their target price on Atlassian from $230.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $285.29.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $322.31, for a total transaction of $2,561,719.88. Following the completion of the transaction, the chief executive officer now owns 270,232 shares in the company, valued at approximately $87,098,475.92. This trade represents a 2.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 1,723 shares of Atlassian stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total transaction of $526,962.32. Following the transaction, the president now directly owns 199,934 shares of the company's stock, valued at $61,147,814.56. This represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 252,786 shares of company stock worth $61,300,898 over the last 90 days. Insiders own 38.55% of the company's stock.

Atlassian Price Performance

NASDAQ:TEAM opened at $207.89 on Wednesday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm has a fifty day simple moving average of $219.57 and a 200 day simple moving average of $245.69. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $326.00. The stock has a market capitalization of $54.47 billion, a PE ratio of -155.14 and a beta of 1.06.

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

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.

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