Whale Rock Capital Management LLC Takes Position in Atlassian Co. (NASDAQ:TEAM)

Whale Rock Capital Management LLC purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 702,369 shares of the technology company's stock, valued at approximately $170,943,000. Atlassian accounts for approximately 2.0% of Whale Rock Capital Management LLC's investment portfolio, making the stock its 20th largest position. Whale Rock Capital Management LLC owned 0.27% of Atlassian as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Allworth Financial LP boosted its stake in shares of 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. Slow Capital Inc. boosted its position in Atlassian by 2.9% during the fourth quarter. Slow Capital Inc. now owns 33,879 shares of the technology company's stock worth $8,245,000 after purchasing an additional 959 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Atlassian by 3,951.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 149,690 shares of the technology company's stock valued at $36,432,000 after purchasing an additional 145,995 shares during the last quarter. SYM FINANCIAL Corp acquired a new position in shares of Atlassian in the fourth quarter valued at $230,000. Finally, LPL Financial LLC raised its position in shares of Atlassian by 93.4% in the fourth 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 during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Trading Down 2.9%

Shares of TEAM stock opened at $214.47 on Tuesday. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The stock's fifty day moving average price is $213.39 and its two-hundred day moving average price is $247.54. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market cap of $56.30 billion, a PE ratio of -160.05 and a beta of 1.06.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the firm posted $0.89 earnings per share. Atlassian's revenue was up 14.1% compared to the same quarter last year. Equities analysts predict that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 1,723 shares of the business's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total transaction of $526,962.32. Following the sale, the president now owns 199,934 shares in the company, valued at $61,147,814.56. The trade was a 0.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Gene Liu sold 541 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total value of $122,000.91. Following the completion of the transaction, the chief accounting officer now owns 51,481 shares of the company's stock, valued at $11,609,480.31. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,249 shares of company stock valued at $61,999,348. 38.55% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. JMP Securities reiterated a "market perform" rating on shares of Atlassian in a research note on Friday, January 31st. The Goldman Sachs Group upped their target price on Atlassian from $245.00 to $370.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. 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 note on Friday, May 2nd. Cantor Fitzgerald upgraded Atlassian from a "neutral" rating to an "overweight" rating and reduced their price target for the company from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Finally, Truist Financial decreased their price objective on Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Five research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Atlassian has an average rating of "Moderate Buy" and an average price target of $285.29.

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.

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