Bull Harbor Capital LLC Acquires New Stake in Atlassian Corporation PLC $TEAM

Bull Harbor Capital LLC bought a new position in Atlassian Corporation PLC (NASDAQ:TEAM) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,997 shares of the technology company’s stock, valued at approximately $614,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TEAM. Snowden Capital Advisors LLC lifted its holdings in shares of Atlassian by 1.6% in the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock valued at $907,000 after buying an additional 71 shares during the period. Financial Perspectives Inc grew its holdings in Atlassian by 11.7% during the fourth quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock worth $116,000 after acquiring an additional 75 shares during the period. Slow Capital Inc. grew its holdings in Atlassian by 0.3% during the fourth quarter. Slow Capital Inc. now owns 33,486 shares of the technology company’s stock worth $5,429,000 after acquiring an additional 84 shares during the period. Verdence Capital Advisors LLC raised its position in Atlassian by 3.0% in the fourth quarter. Verdence Capital Advisors LLC now owns 3,079 shares of the technology company’s stock worth $499,000 after acquiring an additional 89 shares in the last quarter. Finally, Bogart Wealth LLC raised its position in Atlassian by 76.4% in the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock worth $35,000 after acquiring an additional 94 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

Insider Activity at Atlassian

In related 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 value of $775,534.50. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 Atlassian stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the transaction, the executive owned 227,691 shares in the company, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 20,041 shares of company stock valued at $1,801,069. 36.66% of the stock is owned by insiders.

Atlassian Price Performance

NASDAQ TEAM opened at $98.12 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $199.09. The company has a market cap of $24.90 billion, a PE ratio of -118.22, a PEG ratio of 8.28 and a beta of 1.11. The stock’s 50-day moving average price is $90.18 and its two-hundred day moving average price is $87.36.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the company posted $0.97 earnings per share. The business’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TEAM shares. Truist Financial raised their price objective on shares of Atlassian from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Citizens Jmp reiterated a “market perform” rating on shares of Atlassian in a report on Wednesday, July 1st. Morgan Stanley cut their target price on shares of Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, April 16th. Piper Sandler reduced their target price on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Finally, Mizuho decreased their price target on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. Twenty-one investment 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.