Crestline Management LP Grows Position in Atlassian Co. (NASDAQ:TEAM)

Crestline Management LP raised its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 2,121.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,192 shares of the technology company's stock after purchasing an additional 32,653 shares during the quarter. Crestline Management LP's holdings in Atlassian were worth $8,322,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Buying and Selling

In other news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction dated 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 approximately $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 accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $209.19, for a total transaction of $1,662,642.12. Following the completion of the transaction, the chief executive officer now directly owns 158,960 shares of the company's stock, valued at approximately $33,252,842.40. The trade was a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 260,734 shares of company stock valued at $62,098,082 over the last ninety days. 38.55% of the stock is owned by insiders.

Atlassian Trading Down 0.5 %

Shares of NASDAQ TEAM traded down $0.97 during midday trading on Friday, reaching $207.25. The company had a trading volume of 1,479,864 shares, compared to its average volume of 2,083,327. The stock has a market cap of $54.30 billion, a PE ratio of -154.66 and a beta of 1.06. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The firm's fifty day moving average price is $215.36 and its 200-day moving average price is $245.61. 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 (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The business's revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the business earned $0.89 earnings per share. On average, equities research analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TEAM. Stephens cut their target price on Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a research note on Friday, May 2nd. Canaccord Genuity Group cut their price objective on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Mizuho upped their target price on shares of Atlassian from $285.00 to $355.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. Piper Sandler reissued an "overweight" rating and issued a $300.00 price target (down from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Finally, Cantor Fitzgerald raised shares of Atlassian from a "neutral" rating to an "overweight" rating and decreased their price target for the stock from $304.00 to $272.00 in a report on Wednesday, April 2nd. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Atlassian currently has a consensus rating of "Moderate Buy" and a consensus price target of $285.29.

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.