Adams Diversified Equity Fund Inc. Takes $13.26 Million Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Adams Diversified Equity Fund Inc. purchased a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 modified their holdings of the company. Clean Yield Group increased its stake in shares of Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after purchasing an additional 93 shares in the last quarter. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Atlassian in the 4th quarter worth $27,000. Colonial Trust Co SC increased its stake in shares of Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after purchasing an additional 69 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Atlassian in the 4th quarter worth $38,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Atlassian in the 4th quarter worth $39,000. 94.45% of the stock is owned by institutional investors.

Atlassian Trading Up 4.1%

Shares of Atlassian stock opened at $200.67 on Wednesday. The firm has a market cap of $52.68 billion, a price-to-earnings ratio of -120.89 and a beta of 0.96. The business has a 50-day moving average price of $210.03 and a 200-day moving average price of $239.10. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a twelve month low of $135.29 and a twelve month high of $326.00.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Cantor Fitzgerald upgraded Atlassian from a "neutral" rating to an "overweight" rating and reduced their price objective for the stock from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Mizuho cut their price target on Atlassian from $325.00 to $290.00 and set an "outperform" rating for the company in a research note on Thursday, June 12th. KeyCorp cut their price target on Atlassian from $365.00 to $275.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Baird R W upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $300.00 price target (down previously from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $282.19.

Insider Buying and Selling

In other Atlassian news, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $185.61, for a total value of $1,475,228.28. Following the completion of the sale, the director now owns 333,816 shares of the company's stock, valued at $61,959,587.76. This trade represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $192.68, for a total transaction of $1,476,892.20. Following the completion of the sale, the chief executive officer now directly owns 38,325 shares of the company's stock, valued at approximately $7,384,461. The trade was a 16.67% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 381,287 shares of company stock worth $79,609,626. 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.

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