CenterBook Partners LP Purchases 16,521 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• CenterBook Partners LP increased its stake in Atlassian Corporation PLC by 74.5%, acquiring an additional 16,521 shares, bringing its total holdings to 38,702 shares valued at approximately $8.2 million.
• In recent analyst updates, several firms adjusted their price targets for Atlassian, with a consensus target price now standing at $274.05 and a prevalent rating of "Moderate Buy".
• Recent insider trading activity included CEO Michael Cannon-Brookes selling 7,948 shares for about $1.77 million, reducing his ownership by 5.26%.

CenterBook Partners LP grew its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 74.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,702 shares of the technology company's stock after acquiring an additional 16,521 shares during the period. CenterBook Partners LP's holdings in Atlassian were worth $8,213,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TEAM. GeoWealth Management LLC raised its position in Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after purchasing an additional 38 shares during the last quarter. True Wealth Design LLC raised its position in Atlassian by 21.6% in the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock worth $69,000 after purchasing an additional 50 shares during the last quarter. Covenant Partners LLC raised its position in Atlassian by 4.2% in the 4th quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock worth $323,000 after purchasing an additional 53 shares during the last quarter. First Citizens Bank & Trust Co. raised its position in Atlassian by 4.7% in the 1st quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock worth $253,000 after purchasing an additional 54 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its position in Atlassian by 25.9% in the 1st quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock worth $57,000 after purchasing an additional 55 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $185.81, for a total transaction of $1,424,233.65. Following the completion of the transaction, the director directly owned 291,270 shares in the company, valued at $54,120,878.70. This represents a 2.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $185.81, for a total transaction of $1,424,233.65. Following the transaction, the chief executive officer owned 291,270 shares of the company's stock, valued at approximately $54,120,878.70. This represents a 2.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 522,111 shares of company stock worth $106,345,639 over the last ninety days. 38.55% of the stock is currently owned by insiders.

Atlassian Stock Down 1.7%

TEAM traded down $2.94 during trading on Friday, hitting $168.06. The company had a trading volume of 7,902,491 shares, compared to its average volume of 2,193,492. The company has a market capitalization of $44.12 billion, a PE ratio of -169.76 and a beta of 0.96. Atlassian Corporation PLC has a one year low of $137.27 and a one year high of $326.00. The firm's 50-day moving average price is $199.40 and its 200 day moving average price is $226.09. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.83 by $0.15. The business had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.36 billion. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The firm's revenue was up 22.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 EPS. As a group, equities analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Truist Financial set a $230.00 target price on shares of Atlassian in a report on Friday. Oppenheimer lowered their target price on shares of Atlassian from $300.00 to $275.00 and set an "outperform" rating for the company in a report on Monday, July 21st. KeyCorp lowered their target price on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. Cantor Fitzgerald lowered their target price on shares of Atlassian from $256.00 to $240.00 and set an "overweight" rating for the company in a report on Friday. Finally, Capital One Financial lowered shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price for the company. in a report on Wednesday, July 16th. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $260.67.

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.