Woodline Partners LP Makes New $37.35 Million Investment in Atlassian Co. (NASDAQ:TEAM)

Woodline Partners LP bought a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 153,464 shares of the technology company's stock, valued at approximately $37,350,000. Woodline Partners LP owned approximately 0.06% of Atlassian at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Corebridge Financial Inc. lifted its holdings in Atlassian by 0.3% during the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock worth $2,555,000 after buying an additional 35 shares in the last quarter. GeoWealth Management LLC raised its position in shares of Atlassian by 26.8% during the fourth 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 last quarter. Assetmark Inc. raised its position in shares of Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after acquiring an additional 41 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock valued at $404,000 after acquiring an additional 47 shares during the period. Finally, True Wealth Design LLC boosted its holdings in Atlassian by 21.6% in the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after acquiring an additional 50 shares during the last quarter. 94.45% of the stock is owned by institutional investors.

Atlassian Stock Performance

Shares of TEAM stock opened at $214.49 on Wednesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $326.00. The company's 50 day moving average price is $213.39 and its two-hundred day moving average price is $247.54. The company has a market capitalization of $56.30 billion, a P/E ratio of -160.07 and a beta of 1.06.

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

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $214.92, for a total value of $1,708,184.16. Following the sale, the chief executive officer now owns 103,324 shares of the company's stock, valued at $22,206,394.08. The trade was a 7.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 7,674 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the transaction, the president now owns 192,260 shares of the company's stock, valued at $43,356,552.60. The trade was a 3.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 295,003 shares of company stock worth $66,087,944 over the last three months. Corporate insiders own 38.55% of the company's stock.

Analyst Upgrades and Downgrades

TEAM has been the subject of several recent research reports. Stephens dropped their price objective on Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a report on Friday, May 2nd. JMP Securities reiterated a "market perform" rating on shares of Atlassian in a research report on Friday, January 31st. Canaccord Genuity Group dropped their price target 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. Truist Financial reduced their price objective on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Finally, Oppenheimer lifted their target price on shares of Atlassian from $300.00 to $380.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. Five equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $285.29.

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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