Westfield Capital Management Co. LP Has $131.69 Million Stock Position in Atlassian Corporation PLC $TEAM

Westfield Capital Management Co. LP lifted its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 151.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 812,215 shares of the technology company’s stock after buying an additional 489,777 shares during the period. Westfield Capital Management Co. LP’s holdings in Atlassian were worth $131,692,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TEAM. Physician Wealth Advisors Inc. increased its position in shares of Atlassian by 60.4% in the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after acquiring an additional 61 shares during the last quarter. Atlantic Union Bankshares Corp increased its position in shares of Atlassian by 19,900.0% in the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after acquiring an additional 199 shares during the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of Atlassian in the fourth quarter valued at about $32,000. Basepoint Wealth LLC acquired a new stake in shares of Atlassian in the fourth quarter valued at about $32,000. Finally, Bogart Wealth LLC increased its position in shares of Atlassian by 76.4% in the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock valued at $35,000 after acquiring an additional 94 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Buying and Selling

In other news, CRO Brian Duffy sold 1,986 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $174,271.50. Following the completion of the sale, the executive owned 236,841 shares in the company, valued at $20,782,797.75. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value 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 represents a 2.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 10,891 shares of company stock valued at $955,683. Corporate insiders own 36.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Oppenheimer lifted their target price on Atlassian from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Wolfe Research reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Atlassian in a research report on Thursday, March 12th. Wall Street Zen downgraded Atlassian from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Morgan Stanley lowered their price target on Atlassian from $290.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, April 16th. Finally, Zacks Research raised Atlassian from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and an average target price of $145.63.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $101.50 on Friday. The business’s 50 day moving average price is $78.29 and its two-hundred day moving average price is $106.50. The company has a market cap of $25.76 billion, a PE ratio of -122.29, a price-to-earnings-growth ratio of 5.76 and a beta of 1.07. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $222.59.

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

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.