105,721 Shares in Atlassian Corporation PLC (NASDAQ:TEAM) Purchased by Cookson Peirce & Co. Inc.

Key Points

• Cookson Peirce & Co. Inc. has acquired 105,721 shares of Atlassian Corporation PLC, valued at approximately $22.43 million, according to their Form 13F filing with the SEC.
• Insider trading activity includes Director Scott Farquhar and CEO Michael Cannon-Brookes each selling 7,948 shares, reducing their holdings by 10% and 11.11% respectively.
• Atlassian reported a quarterly revenue increase of 22.3% compared to the same quarter last year, posting an EPS of $0.98, surpassing analysts' expectations of $0.83.

Cookson Peirce & Co. Inc. acquired a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 105,721 shares of the technology company's stock, valued at approximately $22,435,000.

Several other hedge funds have also bought and sold shares of TEAM. Farther Finance Advisors LLC lifted its stake in shares of Atlassian by 37.7% in the first quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock worth $80,000 after buying an additional 101 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Atlassian by 42.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company's stock worth $900,000 after buying an additional 1,259 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Atlassian by 350.1% in the first quarter. Principal Financial Group Inc. now owns 51,900 shares of the technology company's stock worth $11,014,000 after buying an additional 40,369 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Atlassian by 47,387.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company's stock worth $822,000 after buying an additional 3,791 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in shares of Atlassian by 6.1% in the first quarter. Amalgamated Bank now owns 11,360 shares of the technology company's stock worth $2,411,000 after buying an additional 650 shares in the last quarter. Institutional investors own 94.45% of the company's stock.

Insider Activity

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $206.57, for a total value of $1,641,818.36. Following the completion of the transaction, the director owned 71,532 shares in the company, valued at approximately $14,776,365.24. This trade represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $210.81, for a total value of $1,675,517.88. Following the completion of the transaction, the chief executive officer owned 63,584 shares of the company's stock, valued at approximately $13,404,143.04. This represents a 11.11% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 517,685 shares of company stock valued at $103,587,091. 38.55% of the stock is currently owned by company insiders.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $163.99 on Thursday. The firm has a fifty day moving average price of $196.47 and a 200-day moving average price of $223.95. Atlassian Corporation PLC has a 1 year low of $142.32 and a 1 year high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The stock has a market cap of $43.05 billion, a PE ratio of -165.64 and a beta of 0.96.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.83 by $0.15. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.36 billion. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The firm's revenue for the quarter was up 22.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.66 EPS. Equities analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TEAM shares. Capital One Financial downgraded shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price on the stock. in a research note on Wednesday, July 16th. Barclays dropped their target price on shares of Atlassian from $244.00 to $215.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Mizuho set a $235.00 price objective on shares of Atlassian and gave the company an "outperform" rating in a report on Friday, August 8th. Cantor Fitzgerald decreased their price objective on shares of Atlassian from $256.00 to $240.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Finally, Piper Sandler reissued an "overweight" rating and set a $300.00 price objective (down from $365.00) on shares of Atlassian 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, Atlassian has an average rating of "Moderate Buy" and a consensus price target of $259.76.

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.

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