Atlassian Corporation PLC $TEAM Shares Bought by Chicago Partners Investment Group LLC

Key Points

• Chicago Partners Investment Group LLC increased its Atlassian stake by 151% in the first quarter, ending with 21,023 shares valued at about $1.56 million.
• Atlassian reported better-than-expected quarterly results, with EPS of $1.75 and revenue of $1.79 billion, while revenue rose 31.7% year over year.
• Analysts remain generally constructive on the stock: Atlassian has a Moderate Buy consensus rating, with an average price target of $144.70, though some firms recently trimmed targets.

Chicago Partners Investment Group LLC grew its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 151.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 21,023 shares of the technology company's stock after purchasing an additional 12,647 shares during the quarter. Chicago Partners Investment Group LLC's holdings in Atlassian were worth $1,556,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. MV Capital Management Inc. bought a new position in Atlassian during the fourth quarter valued at about $25,000. Geneos Wealth Management Inc. raised its position in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after acquiring an additional 161 shares in the last quarter. Board of the Pension Protection Fund acquired a new stake in Atlassian in the 4th quarter valued at about $32,000. Basepoint Wealth LLC acquired a new stake in Atlassian in the 4th quarter valued at about $32,000. Finally, Garton & Associates Financial Advisors LLC bought a new position in shares of Atlassian during the 4th quarter valued at about $32,000. Institutional investors own 94.45% of the company's stock.

Insider Activity at Atlassian

In related news, CFO James Chuong sold 8,838 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares of the company's stock, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive owned 227,691 shares in the company, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by insiders.

Atlassian Price Performance

NASDAQ TEAM opened at $89.08 on Wednesday. The stock's 50-day moving average price is $88.64 and its two-hundred day moving average price is $92.88. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The company has a market cap of $22.61 billion, a PE ratio of -107.33, a PEG ratio of 5.42 and a beta of 1.11. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $206.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The business's revenue for the quarter was up 31.7% on a year-over-year basis. During the same period last year, the company posted $0.97 earnings per share. On average, analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TEAM. Wall Street Zen cut shares of Atlassian from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 30th. Sanford C. Bernstein reissued an "outperform" rating on shares of Atlassian in a research note on Monday, June 29th. BTIG Research restated a "buy" rating and set a $130.00 target price on shares of Atlassian in a report on Friday, July 10th. Raymond James Financial set a $130.00 price target on shares of Atlassian in a research report on Friday, May 1st. Finally, Morgan Stanley dropped their price target on Atlassian from $290.00 to $120.00 and set an "overweight" rating on the stock in a report on Thursday, April 16th. Twenty-one equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $144.70.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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