Carnegie Investment Counsel Makes New $1.28 Million Investment in Atlassian Corporation PLC $TEAM

Key Points

• Carnegie Investment Counsel initiated a new position in Atlassian during the first quarter, buying 18,820 shares worth about $1.28 million.
• Institutional ownership remains very high, with the article noting that 94.45% of Atlassian shares are held by institutions. Several other funds also increased their stakes in the company.
• Wall Street remains generally constructive on TEAM: analysts currently rate the stock a Moderate Buy on average, with a consensus price target of $144.70, even after some target cuts and raises. Atlassian also recently beat earnings and revenue expectations, reporting $1.75 EPS and $1.79 billion in quarterly revenue.

Carnegie Investment Counsel bought a new stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 18,820 shares of the technology company's stock, valued at approximately $1,284,000.

Several other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in Atlassian by 12.0% in the 4th quarter. GAMMA Investing LLC now owns 615 shares of the technology company's stock worth $100,000 after purchasing an additional 66 shares during the last quarter. Snowden Capital Advisors LLC increased its holdings in shares of Atlassian by 1.6% during the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company's stock valued at $907,000 after purchasing an additional 71 shares during the period. Financial Perspectives Inc increased its holdings in shares of Atlassian by 11.7% during the fourth quarter. Financial Perspectives Inc now owns 718 shares of the technology company's stock valued at $116,000 after purchasing an additional 75 shares during the period. Slow Capital Inc. raised its stake in shares of Atlassian by 0.3% during the fourth quarter. Slow Capital Inc. now owns 33,486 shares of the technology company's stock valued at $5,429,000 after purchasing an additional 84 shares in the last quarter. Finally, Verdence Capital Advisors LLC lifted its holdings in Atlassian by 3.0% in the fourth quarter. Verdence Capital Advisors LLC now owns 3,079 shares of the technology company's stock worth $499,000 after purchasing an additional 89 shares during the period. 94.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TEAM has been the subject of a number of recent analyst reports. BMO Capital Markets decreased their target price on shares of Atlassian from $105.00 to $95.00 and set an "outperform" rating for the company in a research report on Thursday, June 25th. Oppenheimer boosted their price target on shares of Atlassian from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. BNP Paribas Exane assumed coverage on shares of Atlassian in a research note on Monday, March 16th. They issued an "outperform" rating and a $95.00 price target for the company. Wells Fargo & Company lowered their price objective on shares of Atlassian from $155.00 to $120.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 17th. Finally, Raymond James Financial set a $130.00 target price on Atlassian in a research report on Friday, May 1st. Twenty-one equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and an average price target of $144.70.

Atlassian Stock Performance

NASDAQ:TEAM opened at $96.16 on Tuesday. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $206.00. 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 50-day moving average of $88.71 and a 200-day moving average of $93.38. The firm has a market cap of $24.40 billion, a price-to-earnings ratio of -115.86, a price-to-earnings-growth ratio of 5.01 and a beta of 1.11.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.42. The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned $0.97 EPS. Analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Insider Activity

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

About Atlassian

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.

Want to see what other hedge funds are holding TEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlassian Corporation PLC (NASDAQ:TEAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.