Atlassian Corporation PLC $TEAM Position Trimmed by Cullinan Associates Inc.

Cullinan Associates Inc. decreased its holdings in Atlassian Corporation PLC (NASDAQ:TEAM) by 49.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,058 shares of the technology company’s stock after selling 8,959 shares during the period. Cullinan Associates Inc.’s holdings in Atlassian were worth $618,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. MV Capital Management Inc. acquired a new position in Atlassian in the 4th quarter valued at approximately $25,000. Board of the Pension Protection Fund acquired a new stake in shares of Atlassian during the 4th quarter valued at $32,000. Basepoint Wealth LLC purchased a new position in shares of Atlassian during the 4th quarter valued at $32,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Atlassian during the 4th quarter valued at $32,000. Finally, Bogart Wealth LLC increased its stake in shares of 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 during the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Atlassian

In related news, 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 sale, the executive directly owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This represents a 1.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 20,041 shares of company stock worth $1,801,069. Corporate insiders own 36.66% of the company’s stock.

Atlassian Stock Down 2.0%

Shares of NASDAQ:TEAM traded down $1.85 on Friday, reaching $88.86. The company had a trading volume of 2,457,167 shares, compared to its average volume of 3,884,947. Atlassian Corporation PLC has a twelve month low of $56.01 and a twelve month high of $206.00. The stock has a 50-day moving average price of $88.16 and a 200 day moving average price of $94.34. The stock has a market capitalization of $22.55 billion, a P/E ratio of -107.06, a P/E/G ratio of 5.01 and a beta of 1.11. 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 (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the firm posted $0.97 EPS. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, equities analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several recent research reports. Sanford C. Bernstein reiterated an “outperform” rating on shares of Atlassian in a report on Monday, June 29th. BNP Paribas Exane assumed coverage on Atlassian in a research report on Monday, March 16th. They issued an “outperform” rating and a $95.00 target price on the stock. Mizuho cut their price target on Atlassian from $185.00 to $145.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Barclays lifted their price target on Atlassian from $106.00 to $112.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Piper Sandler lowered their price target on Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Twenty-one equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.70.

Atlassian 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.