Fisher Funds Management LTD Grows Stock Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Fisher Funds Management LTD boosted its position in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 26.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 247,166 shares of the technology company's stock after purchasing an additional 51,675 shares during the quarter. Atlassian makes up approximately 1.3% of Fisher Funds Management LTD's investment portfolio, making the stock its 24th largest holding. Fisher Funds Management LTD owned about 0.09% of Atlassian worth $52,437,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Oppenheimer & Co. Inc. boosted its position in shares of Atlassian by 23.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 2,192 shares of the technology company's stock worth $533,000 after purchasing an additional 421 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Atlassian by 52.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 642 shares of the technology company's stock valued at $159,000 after buying an additional 222 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Atlassian by 51.5% in the fourth quarter. Jones Financial Companies Lllp now owns 1,227 shares of the technology company's stock worth $299,000 after acquiring an additional 417 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of Atlassian by 7.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,252 shares of the technology company's stock worth $305,000 after acquiring an additional 88 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Atlassian by 6.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 621,797 shares of the technology company's stock valued at $151,333,000 after acquiring an additional 38,218 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Truist Financial lowered their target price on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Canaccord Genuity Group lowered their price objective on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Morgan Stanley dropped their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. UBS Group reduced their target price on Atlassian from $230.00 to $215.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $300.00 price target (down previously from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Four analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $282.19.

Atlassian Stock Performance

TEAM traded up $6.65 on Friday, reaching $213.43. The stock had a trading volume of 1,566,326 shares, compared to its average volume of 2,154,153. The business's 50-day moving average price is $209.58 and its two-hundred day moving average price is $235.55. The company has a market cap of $56.03 billion, a P/E ratio of -128.57 and a beta of 0.94. Atlassian Corporation PLC has a 12-month low of $135.29 and a 12-month high of $326.00. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating 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 quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the firm earned $0.89 EPS. Sell-side analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Activity at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $213.97, for a total transaction of $1,640,080.05. Following the transaction, the chief executive officer owned 467,565 shares in the company, valued at $100,044,883.05. This trade represents a 1.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $213.97, for a total transaction of $1,640,080.05. Following the completion of the sale, the director directly owned 467,565 shares in the company, valued at $100,044,883.05. This represents a 1.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 410,815 shares of company stock worth $85,532,872. 38.55% of the stock is owned by corporate insiders.

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.