Cerity Partners LLC Boosts Stake in Atlassian Corporation PLC (NASDAQ:TEAM)

Cerity Partners LLC lifted its position in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 73.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,664 shares of the technology company’s stock after acquiring an additional 15,516 shares during the quarter. Cerity Partners LLC’s holdings in Atlassian were worth $7,780,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TEAM. Massachusetts Financial Services Co. MA purchased a new stake in shares of Atlassian during the 4th quarter worth about $687,486,000. Voya Investment Management LLC boosted its stake in shares of Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock worth $528,693,000 after acquiring an additional 2,160,810 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares during the last quarter. Invesco Ltd. raised its position in shares of Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock worth $595,171,000 after purchasing an additional 1,777,179 shares during the last quarter. Finally, Durable Capital Partners LP raised its position in shares of Atlassian by 499.7% during the 4th quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company’s stock worth $383,456,000 after purchasing an additional 1,312,820 shares during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Stock Performance

Atlassian stock opened at $187.69 on Wednesday. The firm has a 50 day simple moving average of $207.24 and a 200-day simple moving average of $232.97. Atlassian Corporation PLC has a 1-year low of $135.29 and a 1-year high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The stock has a market cap of $49.27 billion, a price-to-earnings ratio of -113.07 and a beta of 0.94.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results 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 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 analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the company posted $0.89 EPS. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. On average, analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on TEAM shares. Baird R W upgraded shares of Atlassian from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 14th. Barclays reduced their price target on shares of Atlassian from $350.00 to $260.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. Wells Fargo & Company reduced their price target on shares of Atlassian from $330.00 to $315.00 and set an “overweight” rating for the company in a research report on Friday, May 2nd. KeyCorp reduced their price target on shares of Atlassian from $365.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Finally, Jefferies Financial Group reduced their price target on shares of Atlassian from $330.00 to $262.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average target price of $285.75.

Insider Activity at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $192.06, for a total value of $1,472,139.90. Following the completion of the sale, the chief executive officer owned 421,575 shares of the company’s stock, valued at $80,967,694.50. This represents a 1.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $192.06, for a total transaction of $1,472,139.90. Following the completion of the sale, the director directly owned 421,575 shares of the company’s stock, valued at approximately $80,967,694.50. This trade represents a 1.79% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 432,395 shares of company stock valued at $90,260,299. Corporate insiders own 38.55% of the company’s stock.

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.