Westfield Capital Management Co. LP Buys 98,610 Shares of Atlassian Corporation PLC (NASDAQ:TEAM)

Key Points

• Westfield Capital Management Co. LP increased its stake in Atlassian Corporation PLC by 15.5% to own a total of 736,388 shares, valued at approximately $156.27 million as of the latest SEC filing.
• Several hedge funds significantly boosted their positions in Atlassian during the fourth quarter, with Voya Investment Management increasing its stake by 17,941.0% to own 2.17 million shares.
• Analysts' ratings for Atlassian are mixed, with a consensus rating of "Moderate Buy" and an average target price of $274.05, reflecting some variability in expectations about the company's future performance.

Westfield Capital Management Co. LP boosted its stake in Atlassian Corporation PLC (NASDAQ:TEAM - Free Report) by 15.5% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 736,388 shares of the technology company's stock after buying an additional 98,610 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.28% of Atlassian worth $156,269,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of TEAM. GeoWealth Management LLC boosted its position in Atlassian by 26.8% during the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after acquiring an additional 38 shares during the period. True Wealth Design LLC lifted its stake in shares of Atlassian by 21.6% in the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock worth $69,000 after acquiring an additional 50 shares during the period. Covenant Partners LLC boosted its holdings in shares of Atlassian by 4.2% in the fourth quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock valued at $323,000 after acquiring an additional 53 shares in the last quarter. First Citizens Bank & Trust Co. increased its stake in shares of Atlassian by 4.7% during the first quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock valued at $253,000 after acquiring an additional 54 shares during the period. Finally, First Horizon Advisors Inc. lifted its position in Atlassian by 25.9% in the first quarter. First Horizon Advisors Inc. now owns 267 shares of the technology company's stock worth $57,000 after purchasing an additional 55 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Stock Performance

Shares of TEAM traded down $0.25 during midday trading on Tuesday, reaching $185.44. The stock had a trading volume of 2,196,234 shares, compared to its average volume of 1,995,010. Atlassian Corporation PLC has a one year low of $136.84 and a one year 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. The firm has a market cap of $48.68 billion, a PE ratio of -111.71 and a beta of 0.96. The firm has a 50 day simple moving average of $201.37 and a 200-day simple moving average of $227.55.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $221.41, for a total value of $1,759,766.68. Following the transaction, the chief executive officer directly owned 111,272 shares in the company, valued at $24,636,733.52. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $214.92, for a total transaction of $1,708,184.16. Following the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 514,729 shares of company stock worth $105,159,814 over the last three months. 38.55% of the stock is owned by insiders.

Wall Street Analyst Weigh In

TEAM has been the subject of several recent research reports. Canaccord Genuity Group cut their target price on shares of Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Oppenheimer decreased their target price on Atlassian from $300.00 to $275.00 and set an "outperform" rating on the stock in a report on Monday, July 21st. KeyCorp reduced their target price on Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. Raymond James Financial restated an "outperform" rating and set a $300.00 price objective (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Finally, BMO Capital Markets decreased their price objective on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Five investment 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 an average price target of $274.05.

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.