QRG Capital Management Inc. Purchases 1,320 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

QRG Capital Management Inc. grew its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 17.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,924 shares of the technology company's stock after buying an additional 1,320 shares during the period. QRG Capital Management Inc.'s holdings in Atlassian were worth $1,894,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP grew its holdings in Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock worth $404,000 after acquiring an additional 47 shares during the period. LPL Financial LLC boosted its position in shares of Atlassian by 93.4% during the 4th quarter. LPL Financial LLC now owns 51,534 shares of the technology company's stock valued at $12,542,000 after purchasing an additional 24,891 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in Atlassian during the fourth quarter worth approximately $10,805,000. Shay Capital LLC acquired a new stake in Atlassian during the fourth quarter worth approximately $243,000. Finally, Oppenheimer & Co. Inc. increased its holdings in Atlassian by 23.8% in the fourth 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. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Stock Down 3.4%

TEAM traded down $6.61 during mid-day trading on Friday, reaching $189.53. 4,773,271 shares of the stock were exchanged, compared to its average volume of 2,141,302. Atlassian Corporation PLC has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a market capitalization of $49.75 billion, a PE ratio of -114.17 and a beta of 0.96. The company has a 50 day moving average price of $210.50 and a two-hundred day moving average price of $241.10.

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, topping the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the previous year, the company earned $0.89 earnings per share. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, research analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Insider Transactions at Atlassian

In related news, President Anutthara Bharadwaj sold 7,674 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $43,356,552.60. This trade represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Monday, April 7th. The stock was 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 directly owns 333,816 shares in the company, valued at approximately $61,959,587.76. This represents a 2.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 366,523 shares of company stock worth $77,393,768 in the last 90 days. Insiders own 38.55% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Cantor Fitzgerald raised shares of Atlassian from a "neutral" rating to an "overweight" rating and reduced their price objective for the stock from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Canaccord Genuity Group reduced their price target on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Wall Street Zen downgraded shares of Atlassian from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th. Morgan Stanley cut their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and reduced their target price for the company from $320.00 to $255.00 in a research note on Monday, April 14th. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Atlassian presently has an average rating of "Moderate Buy" and an average target price of $282.19.

Atlassian 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.