Concurrent Investment Advisors LLC Invests $664,000 in Atlassian Corporation PLC (NASDAQ:TEAM)

Concurrent Investment Advisors LLC purchased a new position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,127 shares of the technology company's stock, valued at approximately $664,000.

A number of other hedge funds also recently modified their holdings of the stock. 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 last quarter. Massachusetts Financial Services Co. MA bought a new position in Atlassian in the fourth quarter valued at about $687,486,000. 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 last quarter. 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 last quarter. Finally, Voya Investment Management LLC grew its position in Atlassian by 17,941.0% in the fourth quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock valued at $528,693,000 after acquiring an additional 2,160,810 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

Atlassian Trading Down 6.5%

Shares of Atlassian stock traded down $13.04 during midday trading on Friday, reaching $187.01. The company had a trading volume of 3,553,326 shares, compared to its average volume of 2,182,589. The stock has a fifty day moving average price of $207.96 and a 200 day moving average price of $233.70. 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 firm has a market cap of $49.09 billion, a PE ratio of -112.66 and a beta of 0.94. Atlassian Corporation PLC has a fifty-two week low of $135.29 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates 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 period in the previous year, the firm earned $0.89 earnings per share. On average, equities analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $222.47, for a total transaction of $1,768,191.56. Following the transaction, the chief executive officer directly owned 143,064 shares in the company, valued at approximately $31,827,448.08. This represents a 5.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $206.80, for a total value of $1,643,646.40. Following the transaction, the director owned 174,856 shares in the company, valued at $36,160,220.80. The trade was a 4.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 417,631 shares of company stock worth $87,606,665 over the last 90 days. Company insiders own 38.55% of the company's stock.

Analysts Set New Price Targets

TEAM has been the topic of a number of recent analyst reports. BMO Capital Markets decreased their target price on Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Baird R W upgraded Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Mizuho decreased their target price on Atlassian from $325.00 to $290.00 and set an "outperform" rating on the stock in a research report on Thursday, June 12th. Morgan Stanley reduced their price target on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Stephens reduced their price target on Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $285.75.

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.