NorthCrest Asset Manangement LLC Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

NorthCrest Asset Manangement LLC acquired a new position in Atlassian Co. (NASDAQ:TEAM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,068 shares of the technology company's stock, valued at approximately $439,000.

Several other hedge funds have also added to or reduced their stakes in TEAM. Clean Yield Group increased its stake in shares of Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after purchasing an additional 93 shares in the last quarter. Murphy & Mullick Capital Management Corp bought a new position in shares of Atlassian in the fourth quarter valued at approximately $27,000. Colonial Trust Co SC boosted its position in shares of Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after acquiring an additional 69 shares during the period. Summit Securities Group LLC bought a new position in shares of Atlassian in the fourth quarter valued at approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian in the fourth quarter valued at approximately $39,000. Institutional investors own 94.45% of the company's stock.

Insiders Place Their Bets

In other news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $185.61, for a total transaction of $1,475,228.28. Following the completion of the sale, the director now owns 333,816 shares in the company, valued at approximately $61,959,587.76. The trade was a 2.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 7,674 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the completion of the sale, the president now owns 192,260 shares of the company's stock, valued at approximately $43,356,552.60. This trade represents a 3.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 351,759 shares of company stock valued at $74,833,479 over the last ninety days. Company insiders own 38.55% of the company's stock.

Atlassian Trading Down 1.3%

TEAM stock opened at $196.82 on Monday. The stock has a market capitalization of $51.67 billion, a price-to-earnings ratio of -146.88 and a beta of 0.96. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00. The firm's fifty day simple moving average is $210.71 and its two-hundred day simple moving average is $242.64. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The company's revenue was up 14.1% compared to the same quarter last year. During the same period last year, the business earned $0.89 EPS. As a group, analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Jefferies Financial Group cut their price objective on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Cantor Fitzgerald upgraded shares of Atlassian from a "neutral" rating to an "overweight" rating and lowered their price objective for the stock from $304.00 to $272.00 in a report on Wednesday, April 2nd. BMO Capital Markets lowered their price target on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Truist Financial lowered their price target on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a report on Monday, March 31st. Finally, Piper Sandler reiterated an "overweight" rating and set a $300.00 price target (down from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $282.19.

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.

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