Quarry LP Purchases 220 Shares of Atlassian Co. (NASDAQ:TEAM)

Quarry LP grew its position in shares of Atlassian Co. (NASDAQ:TEAM) by 143.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 373 shares of the technology company’s stock after buying an additional 220 shares during the quarter. Quarry LP’s holdings in Atlassian were worth $66,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Bank of Nova Scotia increased its holdings in Atlassian by 348.7% during the 4th quarter. Bank of Nova Scotia now owns 7,722 shares of the technology company’s stock valued at $1,837,000 after purchasing an additional 6,001 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of Atlassian by 3.2% in the fourth quarter. CIBC Asset Management Inc now owns 27,112 shares of the technology company’s stock valued at $6,449,000 after buying an additional 849 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Atlassian by 32.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 12,317 shares of the technology company’s stock worth $2,930,000 after buying an additional 3,026 shares in the last quarter. Cibc World Markets Corp grew its holdings in Atlassian by 50.6% during the 4th quarter. Cibc World Markets Corp now owns 26,552 shares of the technology company’s stock worth $6,316,000 after acquiring an additional 8,918 shares during the last quarter. Finally, Northern Trust Corp increased its position in Atlassian by 1.1% in the 4th quarter. Northern Trust Corp now owns 1,417,945 shares of the technology company’s stock valued at $337,272,000 after acquiring an additional 15,192 shares in the last quarter. Institutional investors and hedge funds own 93.03% of the company’s stock.

Analyst Ratings Changes

TEAM has been the topic of a number of research reports. Barclays reduced their target price on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. BMO Capital Markets decreased their price objective on Atlassian from $220.00 to $177.00 and set a “market perform” rating on the stock in a research report on Friday, August 2nd. Raymond James upgraded Atlassian from a “market perform” rating to an “outperform” rating and set a $200.00 target price for the company in a research report on Tuesday. The Goldman Sachs Group upgraded Atlassian from a “neutral” rating to a “buy” rating and raised their price target for the company from $200.00 to $230.00 in a report on Friday, August 2nd. Finally, Mizuho dropped their price objective on Atlassian from $225.00 to $220.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Ten investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus target price of $216.65.

Atlassian Stock Performance

TEAM stock opened at $160.44 on Friday. Atlassian Co. has a 1-year low of $135.29 and a 1-year high of $258.69. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The firm has a market cap of $41.72 billion, a PE ratio of -254.67 and a beta of 0.73. The business’s 50-day moving average price is $159.20 and its two-hundred day moving average price is $172.81.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. Atlassian’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.21) EPS. As a group, research analysts forecast that Atlassian Co. will post -0.58 earnings per share for the current year.

Insider Transactions at Atlassian

In related news, CTO Rajeev Bashyam Rajan sold 199 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $146.08, for a total value of $29,069.92. Following the sale, the chief technology officer now directly owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Atlassian news, CTO Rajeev Bashyam Rajan sold 199 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the completion of the transaction, the chief technology officer now owns 128,957 shares of the company’s stock, valued at approximately $18,838,038.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $175.00, for a total transaction of $133,000.00. Following the completion of the sale, the president now owns 152,534 shares in the company, valued at $26,693,450. The disclosure for this sale can be found here. Insiders sold 224,263 shares of company stock valued at $37,043,467 over the last quarter. Corporate insiders own 40.48% of the company’s stock.

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.