Adams Diversified Equity Fund Inc. Acquires New Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Adams Diversified Equity Fund Inc. purchased a new position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 62,500 shares of the technology company's stock, valued at approximately $13,263,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Murphy & Mullick Capital Management Corp acquired a new stake in Atlassian during the 4th quarter worth $27,000. Clean Yield Group raised its stake in Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after acquiring an additional 93 shares in the last quarter. Colonial Trust Co SC raised its stake in Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after acquiring an additional 69 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Atlassian during the 4th quarter worth $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in Atlassian in the fourth quarter valued at $39,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Price Performance

TEAM stock traded up $3.82 during trading on Friday, reaching $202.32. 2,463,283 shares of the company were exchanged, compared to its average volume of 2,147,290. The company has a market cap of $53.11 billion, a P/E ratio of -121.88 and a beta of 0.96. Atlassian Corporation PLC has a 52-week low of $135.29 and a 52-week high of $326.00. The stock's 50 day moving average price is $209.80 and its 200 day moving average price is $238.31. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the firm earned $0.89 earnings per share. The firm's revenue was up 14.1% on a year-over-year basis. As a group, analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TEAM shares. BMO Capital Markets dropped their price objective on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Mizuho dropped their price objective on shares of Atlassian from $325.00 to $290.00 and set an "outperform" rating on the stock in a research note on Thursday, June 12th. Piper Sandler restated an "overweight" rating and issued a $300.00 price objective (down from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Canaccord Genuity Group dropped their price objective on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, KeyCorp dropped their price objective on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Four analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Atlassian currently has a consensus rating of "Moderate Buy" and an average price target of $282.19.

Insider Buying and Selling at Atlassian

In other Atlassian news, CRO Brian Duffy sold 1,959 shares of the company's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $214.87, for a total value of $420,930.33. Following the sale, the executive now owns 75,612 shares of the company's stock, valued at $16,246,750.44. This represents a 2.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Anutthara Bharadwaj sold 7,674 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the completion of the sale, the president now directly owns 192,260 shares in the company, valued at $43,356,552.60. This trade represents a 3.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 388,669 shares of company stock valued at $80,949,405 over the last quarter. Corporate insiders own 38.55% of the company's stock.

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.