NorthCrest Asset Manangement LLC Boosts Stock Holdings in Atlassian Corporation PLC $TEAM

NorthCrest Asset Manangement LLC lifted its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 260.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,170 shares of the technology company’s stock after acquiring an additional 11,680 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Atlassian were worth $2,488,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its holdings in shares of Atlassian by 17.3% in the 4th quarter. Nordea Investment Management AB now owns 846,483 shares of the technology company’s stock worth $137,774,000 after purchasing an additional 124,793 shares in the last quarter. Green Alpha Advisors LLC lifted its holdings in shares of Atlassian by 13.9% during the fourth quarter. Green Alpha Advisors LLC now owns 3,019 shares of the technology company’s stock valued at $490,000 after purchasing an additional 369 shares in the last quarter. Riversedge Advisors LLC bought a new position in shares of Atlassian during the fourth quarter valued at $343,000. Board of the Pension Protection Fund purchased a new stake in shares of Atlassian during the fourth quarter valued at $32,000. Finally, GAMMA Investing LLC boosted its position in shares of Atlassian by 12.0% during the fourth quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock valued at $100,000 after buying an additional 66 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian Trading Down 1.2%

Shares of TEAM stock opened at $73.73 on Monday. Atlassian Corporation PLC has a 1 year low of $67.85 and a 1 year high of $242.00. The firm has a fifty day moving average price of $96.26 and a 200-day moving average price of $137.20. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $19.45 billion, a price-to-earnings ratio of -102.40 and a beta of 0.94.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.Atlassian’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period last year, the firm earned $0.96 EPS. As a group, equities analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CFO Joseph Leo Binz sold 1,653 shares of the company’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $134,471.55. Following the completion of the sale, the chief financial officer owned 208,639 shares in the company, valued at $16,972,782.65. This represents a 0.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CRO Brian Duffy sold 1,222 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $99,409.70. Following the completion of the transaction, the executive directly owned 124,332 shares in the company, valued at $10,114,408.20. This trade represents a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 297,283 shares of company stock valued at $40,674,300 in the last ninety days. 36.66% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TEAM. Wall Street Zen raised Atlassian from a “hold” rating to a “buy” rating in a research report on Monday. Jefferies Financial Group set a $150.00 price target on shares of Atlassian in a research note on Friday, February 6th. Oppenheimer decreased their price objective on shares of Atlassian from $275.00 to $150.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Robert W. Baird set a $140.00 price objective on shares of Atlassian in a research report on Friday, February 6th. Finally, Wolfe Research restated an “outperform” rating and issued a $100.00 target price on shares of Atlassian in a report on Thursday, March 12th. Twenty-two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $180.48.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.