Bessemer Group Inc. Buys 1,674 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Bessemer Group Inc. raised its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 0.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 307,767 shares of the technology company's stock after acquiring an additional 1,674 shares during the period. Bessemer Group Inc. owned about 0.12% of Atlassian worth $65,310,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of TEAM. Principal Financial Group Inc. increased its position in shares of Atlassian by 7.1% during the 4th quarter. Principal Financial Group Inc. now owns 11,531 shares of the technology company's stock worth $2,806,000 after purchasing an additional 761 shares in the last quarter. Global Retirement Partners LLC grew its stake in Atlassian by 17.5% during the fourth quarter. Global Retirement Partners LLC now owns 787 shares of the technology company's stock worth $192,000 after buying an additional 117 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Atlassian by 2.8% during the fourth quarter. Amalgamated Bank now owns 10,710 shares of the technology company's stock worth $2,607,000 after buying an additional 296 shares in the last quarter. Kirtland Hills Capital Management LLC bought a new position in shares of Atlassian in the fourth quarter valued at approximately $248,000. Finally, K.J. Harrison & Partners Inc acquired a new position in shares of Atlassian in the 4th quarter worth approximately $485,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Trading Up 1.9%

NASDAQ TEAM traded up $3.82 during trading on Friday, reaching $202.32. 2,463,283 shares of the stock traded hands, compared to its average volume of 2,147,289. Atlassian Corporation PLC has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The firm has a market cap of $53.11 billion, a price-to-earnings ratio of -121.88 and a beta of 0.96. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock's 50-day moving average price is $209.80 and its 200 day moving average price is $238.31.

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TEAM shares. Cantor Fitzgerald raised Atlassian from a "neutral" rating to an "overweight" rating and dropped their price target for the company from $304.00 to $272.00 in a report on Wednesday, April 2nd. Piper Sandler restated an "overweight" rating and issued a $300.00 target price (down from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. BMO Capital Markets decreased their price objective on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Stephens dropped their target price on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $282.19.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $192.44, for a total transaction of $1,475,052.60. Following the completion of the transaction, the director now directly owns 45,990 shares in the company, valued at approximately $8,850,315.60. This trade represents a 14.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $209.73, for a total value of $1,666,934.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 388,669 shares of company stock worth $80,949,405. Company 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.