Bearing Point Capital LLC Acquires Shares of 1,600 Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Bearing Point Capital LLC has acquired a new stake in Atlassian Corporation PLC, purchasing 1,600 shares valued at approximately $340,000 during the first quarter.
• Analysts have mixed ratings for Atlassian, with five holding a "hold" rating, nineteen giving a "buy" rating, and one assigning a "strong buy" rating, alongside an average price target of $274.05.
• Insider selling has occurred, including significant sales by Director Scott Farquhar and CEO Michael Cannon-Brookes, who together sold nearly 16,000 shares of stock in May.

Bearing Point Capital LLC bought a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,600 shares of the technology company's stock, valued at approximately $340,000.

Other institutional investors also recently modified their holdings of the company. Murphy & Mullick Capital Management Corp bought a new position in Atlassian in the 4th quarter worth $27,000. Clean Yield Group increased its holdings in shares of 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 purchasing an additional 93 shares during the period. Colonial Trust Co SC increased its holdings in shares of 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 purchasing an additional 69 shares during the period. Summit Securities Group LLC bought a new position in shares of Atlassian during the 4th quarter worth about $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian during the 4th quarter worth about $39,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Insider Activity

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $202.55, for a total transaction of $1,552,545.75. Following the transaction, the director directly owned 352,590 shares in the company, valued at $71,417,104.50. This trade represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $202.55, for a total transaction of $1,552,545.75. Following the transaction, the chief executive officer owned 352,590 shares in the company, valued at $71,417,104.50. The trade was a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 477,253 shares of company stock worth $98,475,378. Insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Truist Financial decreased their target price on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. BMO Capital Markets reduced their price target on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Jefferies Financial Group reduced their price target on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Barclays reduced their price target on shares of Atlassian from $260.00 to $244.00 and set an "overweight" rating on the stock in a research report on Monday, July 21st. Finally, Morgan Stanley reduced their price target on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Five equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $274.05.

Atlassian Stock Down 0.9%

Shares of NASDAQ TEAM traded down $1.78 during trading on Tuesday, hitting $200.06. The stock had a trading volume of 1,028,084 shares, compared to its average volume of 2,294,774. Atlassian Corporation PLC has a 12 month low of $135.29 and a 12 month 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 company has a market capitalization of $52.52 billion, a PE ratio of -120.52 and a beta of 0.94. The firm has a fifty day moving average of $203.64 and a two-hundred day moving average of $229.81.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating 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 net margin of 8.66% and a negative return on equity of 23.41%. The firm's revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.89 earnings per share. As a group, equities research analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Atlassian Company 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.