Entropy Technologies LP Raises Holdings in Atlassian Corporation PLC $TEAM

Entropy Technologies LP grew its stake in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 366.9% during the first quarter, HoldingsChannel.com reports. The fund owned 48,081 shares of the technology company’s stock after buying an additional 37,782 shares during the quarter. Entropy Technologies LP’s holdings in Atlassian were worth $3,282,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. MV Capital Management Inc. purchased a new stake in Atlassian in the fourth quarter worth about $25,000. State of Wyoming grew its position in Atlassian by 65.7% in the first quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after acquiring an additional 178 shares in the last quarter. Basepoint Wealth LLC purchased a new position in Atlassian during the fourth quarter worth $32,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Atlassian during the fourth quarter valued at approximately $32,000. Finally, Bogart Wealth LLC increased its stake in Atlassian by 76.4% in the 4th quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock worth $35,000 after buying an additional 94 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Trading Up 8.4%

TEAM opened at $86.88 on Friday. The business has a fifty day moving average price of $89.10 and a 200 day moving average price of $89.34. The stock has a market capitalization of $22.05 billion, a price-to-earnings ratio of -104.67, a PEG ratio of 6.08 and a beta of 1.11. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $206.00. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm’s quarterly revenue was up 31.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.97 earnings per share. Sell-side analysts expect that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the transaction, the executive owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 20,041 shares of company stock worth $1,801,069 over the last quarter. 36.66% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on TEAM shares. Cantor Fitzgerald upped their price target on shares of Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. TD Cowen increased their price objective on shares of Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, May 1st. Morgan Stanley lowered their target price on shares of Atlassian from $290.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 16th. Canaccord Genuity Group decreased their target price on Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a report on Friday, July 17th. Twenty-one analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and an average price target of $138.50.

About Atlassian

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.