GAMMA Investing LLC Raises Stock Position in Atlassian Corporation PLC (NASDAQ:TEAM)

GAMMA Investing LLC lifted its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 96.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 571 shares of the technology company’s stock after buying an additional 281 shares during the period. GAMMA Investing LLC’s holdings in Atlassian were worth $121,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Clean Yield Group lifted its stake in Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after acquiring an additional 93 shares during the period. Murphy & Mullick Capital Management Corp acquired a new stake in Atlassian during the 4th quarter valued at approximately $27,000. Colonial Trust Co SC lifted its stake in Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after acquiring an additional 69 shares during the period. Summit Securities Group LLC acquired a new stake in Atlassian during the 4th quarter valued at approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in Atlassian during the 4th quarter valued at approximately $39,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Price Performance

Atlassian stock opened at $213.43 on Friday. Atlassian Corporation PLC has a 52-week low of $135.29 and a 52-week high of $326.00. The firm has a market capitalization of $56.03 billion, a price-to-earnings ratio of -128.57 and a beta of 0.94. The company has a fifty day simple moving average of $209.58 and a 200-day simple moving average of $235.45. 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 (NASDAQ:TEAM) last released its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the firm earned $0.89 earnings per share. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $213.97, for a total value of $1,640,080.05. Following the completion of the sale, the director owned 467,565 shares of the company’s stock, valued at approximately $100,044,883.05. This represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $213.97, for a total transaction of $1,640,080.05. Following the completion of the sale, the chief executive officer directly owned 467,565 shares of the company’s stock, valued at $100,044,883.05. This represents a 1.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 410,815 shares of company stock valued at $85,532,872 in the last ninety days. Insiders own 38.55% of the company’s stock.

Wall Street Analyst Weigh In

TEAM has been the subject of several analyst reports. Robert W. Baird upgraded shares of Atlassian from a “neutral” rating to an “outperform” rating and decreased their target price for the company from $320.00 to $255.00 in a research note on Monday, April 14th. BMO Capital Markets decreased their target price 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. Wells Fargo & Company decreased their target price on shares of Atlassian from $330.00 to $315.00 and set an “overweight” rating for the company in a research note on Friday, May 2nd. Truist Financial decreased their target price on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, KeyCorp decreased their target price on shares of Atlassian from $365.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $282.19.

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.