Engineers Gate Manager LP Raises Holdings in Atlassian Corporation PLC $TEAM

Engineers Gate Manager LP increased its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 37.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 77,291 shares of the technology company's stock after purchasing an additional 20,872 shares during the period. Engineers Gate Manager LP's holdings in Atlassian were worth $6,012,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TEAM. Integrated Wealth Concepts LLC boosted its holdings in shares of Atlassian by 63.3% in the second quarter. Integrated Wealth Concepts LLC now owns 21,922 shares of the technology company's stock valued at $1,705,000 after acquiring an additional 8,500 shares during the period. NewEdge Advisors LLC boosted its stake in Atlassian by 86.7% during the 2nd quarter. NewEdge Advisors LLC now owns 8,377 shares of the technology company's stock worth $652,000 after purchasing an additional 3,890 shares during the period. IFP Advisors Inc grew its position in Atlassian by 76.0% during the 2nd quarter. IFP Advisors Inc now owns 9,428 shares of the technology company's stock worth $733,000 after purchasing an additional 4,071 shares during the last quarter. Allworth Financial LP grew its position in Atlassian by 271.0% during the 2nd quarter. Allworth Financial LP now owns 15,981 shares of the technology company's stock worth $1,243,000 after purchasing an additional 11,674 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Atlassian by 6.5% in the second quarter. Arizona State Retirement System now owns 48,629 shares of the technology company's stock valued at $3,783,000 after purchasing an additional 2,969 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TEAM. UBS Group increased their target price on shares of Atlassian from $95.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. Robert W. Baird set a $200.00 price target on Atlassian in a research report on Friday, August 7th. Guggenheim increased their price objective on Atlassian from $115.00 to $165.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. FBN Securities reiterated an "outperform" rating and issued a $170.00 target price on shares of Atlassian in a research note on Monday, August 10th. Finally, Barclays lifted their target price on Atlassian from $112.00 to $172.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. Twenty-five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of "Moderate Buy" and an average target price of $183.81.

Atlassian Stock Performance

NASDAQ TEAM opened at $179.70 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. Atlassian Corporation PLC has a fifty-two week low of $56.01 and a fifty-two week high of $198.60. The business has a fifty day moving average of $135.92 and a 200-day moving average of $99.08. The stock has a market cap of $45.60 billion, a price-to-earnings ratio of -945.79, a price-to-earnings-growth ratio of 14.11 and a beta of 1.15.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the firm posted $0.98 earnings per share. The business's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, analysts predict that Atlassian Corporation PLC will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CRO Brian Duffy sold 7,617 shares of Atlassian stock in a transaction on Friday, August 14th. The stock was sold at an average price of $163.00, for a total value of $1,241,571.00. Following the transaction, the executive owned 220,074 shares in the company, valued at approximately $35,872,062. This trade represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total value of $196,875.00. Following the completion of the transaction, the chief accounting officer owned 56,807 shares in the company, valued at approximately $9,941,225. This trade represents a 1.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 22,138 shares of company stock valued at $3,751,873. 36.66% of the stock is currently owned by company insiders.

Atlassian Profile

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.

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