Bryce Point Capital LLC Purchases 1,985 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Bryce Point Capital LLC significantly increased its stake in Atlassian Corporation by 99.2% during the first quarter, owning 3,986 shares worth $846,000 as of the last reporting period.
• Research analysts have dropped price targets for Atlassian, with the consensus now at $274.05, while the company has received a moderate buy rating from various analysts.
• Insiders from Atlassian sold significant shares in recent transactions, with both the Director and CEO selling 7,665 shares each at an average price of $202.78, representing a 2.04% decrease in their positions.

Bryce Point Capital LLC increased its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 99.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,986 shares of the technology company's stock after purchasing an additional 1,985 shares during the period. Bryce Point Capital LLC's holdings in Atlassian were worth $846,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Baillie Gifford & Co. grew its position in Atlassian by 7.1% in the first quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock valued at $1,845,114,000 after acquiring an additional 573,696 shares during the period. JPMorgan Chase & Co. grew its position in Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after acquiring an additional 1,806,042 shares during the period. Massachusetts Financial Services Co. MA grew its position in Atlassian by 21.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock valued at $730,175,000 after acquiring an additional 616,071 shares during the period. Invesco Ltd. grew its position in Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock valued at $595,171,000 after acquiring an additional 1,777,179 shares during the period. Finally, Geode Capital Management LLC grew its position in Atlassian by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock valued at $528,851,000 after acquiring an additional 27,899 shares during the period. 94.45% of the stock is currently owned by institutional investors.

Atlassian Trading Down 0.6%

TEAM traded down $1.16 during midday trading on Monday, reaching $201.84. 1,018,272 shares of the company were exchanged, compared to its average volume of 2,024,678. 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 Corporation PLC has a one year low of $135.29 and a one year high of $326.00. The stock has a market capitalization of $52.99 billion, a P/E ratio of -121.59 and a beta of 0.94. The stock's 50-day simple moving average is $203.64 and its 200 day simple moving average is $229.81.

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

Analysts Set New Price Targets

A number of analysts have weighed in on the company. KeyCorp lowered their price target on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Cantor Fitzgerald upgraded Atlassian from a "neutral" rating to an "overweight" rating and lowered their price target for the company from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Mizuho lowered their price target on Atlassian from $290.00 to $265.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 16th. Oppenheimer decreased their target price on Atlassian from $300.00 to $275.00 and set an "outperform" rating on the stock in a report on Monday, July 21st. Finally, UBS Group restated a "hold" rating on shares of Atlassian in a report on Monday, July 7th. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $274.05.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $202.55, for a total transaction of $1,552,545.75. Following the sale, the chief executive officer owned 352,590 shares of the company's stock, valued at $71,417,104.50. This trade represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $202.55, for a total value of $1,552,545.75. Following the sale, the director directly owned 352,590 shares in the company, valued at approximately $71,417,104.50. This represents a 2.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 477,253 shares of company stock worth $98,475,378. 38.55% of the stock is currently owned by insiders.

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.