R Squared Ltd Increases Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• R Squared Ltd significantly increased its position in Atlassian Corporation PLC by 8,203.3%, acquiring a total of 2,491 shares valued at approximately $529,000.
• Several institutional investors, including Alliancebernstein L.P. and O Shaughnessy Asset Management LLC, have also made substantial investments in Atlassian, which is now 94.45% owned by hedge funds and other institutional investors.
• Analysts have mixed assessments on Atlassian, with five analysts issuing a hold rating, while nineteen have given a buy rating, leading to a consensus rating of "Moderate Buy" and a target price of $274.05.

R Squared Ltd grew its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 8,203.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,491 shares of the technology company's stock after acquiring an additional 2,461 shares during the quarter. R Squared Ltd's holdings in Atlassian were worth $529,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TEAM. Orion Portfolio Solutions LLC purchased a new position in Atlassian during the 4th quarter worth $615,000. O Shaughnessy Asset Management LLC grew its stake in Atlassian by 38.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 9,169 shares of the technology company's stock worth $2,232,000 after buying an additional 2,547 shares during the last quarter. Alliancebernstein L.P. grew its stake in Atlassian by 128.7% during the 4th quarter. Alliancebernstein L.P. now owns 143,260 shares of the technology company's stock worth $34,867,000 after buying an additional 80,622 shares during the last quarter. Franklin Resources Inc. grew its stake in Atlassian by 9.9% during the 4th quarter. Franklin Resources Inc. now owns 73,275 shares of the technology company's stock worth $17,834,000 after buying an additional 6,587 shares during the last quarter. Finally, HighPoint Advisor Group LLC grew its stake in Atlassian by 7.2% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,016 shares of the technology company's stock worth $247,000 after buying an additional 68 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. BMO Capital Markets dropped their price target on Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Macquarie dropped their price target on Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. KeyCorp dropped their price target on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research note on Thursday, July 17th. Finally, Canaccord Genuity Group dropped their price target on Atlassian from $300.00 to $255.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $274.05.

Insider Transactions at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $214.92, for a total value of $1,708,184.16. Following the completion of the transaction, the director owned 103,324 shares of the company's stock, valued at approximately $22,206,394.08. This represents a 7.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $221.41, for a total value of $1,759,766.68. Following the completion of the transaction, the chief executive officer directly owned 111,272 shares of the company's stock, valued at $24,636,733.52. The trade was a 6.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 492,017 shares of company stock valued at $101,133,506 in the last ninety days. 38.55% of the stock is currently owned by insiders.

Atlassian Stock Performance

Shares of TEAM stock opened at $182.96 on Friday. The stock has a market cap of $48.03 billion, a PE ratio of -110.22 and a beta of 0.96. The business has a 50-day simple moving average of $202.31 and a 200-day simple moving average of $228.64. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 52-week low of $135.29 and a 52-week high of $326.00.

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 analysts' consensus estimates of $0.93 by $0.04. The company had revenue of $1.36 billion during 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%. Atlassian's quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.89 EPS. On average, equities analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current year.

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.

Want to see what other hedge funds are holding TEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlassian Corporation PLC (NASDAQ:TEAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.