Twin Capital Management Inc. Takes Position in Atlassian Corporation PLC (NASDAQ:TEAM)

Twin Capital Management Inc. purchased a new stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,756 shares of the technology company's stock, valued at approximately $585,000.

Other hedge funds have also recently made changes to their positions in the company. OneAscent Financial Services LLC bought a new stake in Atlassian in the first quarter worth approximately $890,000. Kestra Private Wealth Services LLC boosted its position in shares of Atlassian by 28.2% during the first quarter. Kestra Private Wealth Services LLC now owns 6,099 shares of the technology company's stock valued at $1,294,000 after buying an additional 1,340 shares during the last quarter. Allegiance Financial Group Advisory Services LLC purchased a new position in shares of Atlassian during the first quarter valued at approximately $201,000. Diversify Advisory Services LLC purchased a new position in Atlassian in the first quarter worth $266,000. Finally, Bailard Inc. boosted its position in Atlassian by 28.3% in the first quarter. Bailard Inc. now owns 20,866 shares of the technology company's stock worth $4,428,000 after purchasing an additional 4,597 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Trading Up 2.2%

TEAM stock opened at $194.86 on Monday. The stock has a market cap of $51.15 billion, a price-to-earnings ratio of -117.39 and a beta of 0.94. The business's 50-day moving average is $206.33 and its 200 day moving average is $231.80. 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 released its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the prior year, the firm posted $0.89 earnings per share. The firm's quarterly revenue was up 14.1% on a year-over-year basis. On average, sell-side analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on TEAM. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Mizuho reduced their price objective on Atlassian from $290.00 to $265.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 16th. Wells Fargo & Company dropped their target price on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Piper Sandler restated an "overweight" rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Finally, Raymond James Financial restated an "outperform" rating and issued a $300.00 target price (down previously from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. Five equities research 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $279.81.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $189.37, for a total transaction of $1,451,521.05. Following the sale, the chief executive officer owned 406,245 shares of the company's stock, valued at approximately $76,930,615.65. This represents a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $189.37, for a total value of $1,451,521.05. Following the completion of the transaction, the director directly owned 406,245 shares in the company, valued at $76,930,615.65. This trade represents a 1.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 439,777 shares of company stock worth $91,633,351 in the last ninety days. Corporate 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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