Pier 88 Investment Partners LLC Invests $2.43 Million in Atlassian Corporation PLC (NASDAQ:TEAM)

Pier 88 Investment Partners LLC purchased a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 11,440 shares of the technology company's stock, valued at approximately $2,428,000.

Several other institutional investors have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Atlassian by 21.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock worth $730,175,000 after purchasing an additional 616,071 shares during the period. Invesco Ltd. boosted its stake in shares of Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock valued at $595,171,000 after buying an additional 1,777,179 shares during the period. Geode Capital Management LLC increased its position in Atlassian by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock worth $528,851,000 after buying an additional 27,899 shares during the period. Finally, Voya Investment Management LLC increased its holdings in shares of 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 purchasing an additional 2,160,810 shares during the period. 94.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on TEAM. Wells Fargo & Company lowered their target price on Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a research report on Friday, May 2nd. Cantor Fitzgerald raised Atlassian from a "neutral" rating to an "overweight" rating and lowered their target price for the company from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Truist Financial dropped their price target on Atlassian from $350.00 to $300.00 and set a "buy" rating for the company in a research note on Monday, March 31st. BMO Capital Markets reduced their price objective on Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Finally, Barclays dropped their price target on Atlassian from $260.00 to $244.00 and set an "overweight" rating on the stock in a report on Monday. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and an average target price of $274.05.

Atlassian Trading Up 3.7%

TEAM traded up $7.28 during mid-day trading on Tuesday, hitting $201.64. The stock had a trading volume of 813,573 shares, compared to its average volume of 2,196,889. The firm has a market capitalization of $52.93 billion, a price-to-earnings ratio of -122.09 and a beta of 0.94. Atlassian Corporation PLC has a 1-year low of $135.29 and a 1-year high of $326.00. The stock's fifty day simple moving average is $205.74 and its 200-day simple moving average is $231.41. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 EPS. As a group, research analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $192.82, for a total value of $1,477,965.30. Following the completion of the sale, the director owned 390,915 shares of the company's stock, valued at $75,376,230.30. This represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $192.82, for a total value of $1,477,965.30. Following the sale, the chief executive officer owned 390,915 shares in the company, valued at $75,376,230.30. The trade was a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 455,107 shares of company stock valued at $94,589,282. Insiders own 38.55% of the company's stock.

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.

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