Cullinan Associates Inc. Has $288,000 Stock Position in Atlassian Corporation PLC $TEAM

Cullinan Associates Inc. decreased its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 59.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,700 shares of the technology company’s stock after selling 5,358 shares during the period. Cullinan Associates Inc.’s holdings in Atlassian were worth $288,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. NewEdge Advisors LLC increased its position in shares of Atlassian by 71.6% in the first quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock valued at $1,153,000 after acquiring an additional 2,267 shares during the last quarter. Empowered Funds LLC boosted its position in Atlassian by 39.5% during the first quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock valued at $995,000 after purchasing an additional 1,328 shares during the last quarter. Focus Partners Wealth boosted its position in Atlassian by 32.6% during the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock valued at $875,000 after purchasing an additional 1,014 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after purchasing an additional 161 shares in the last quarter. Finally, Sivia Capital Partners LLC grew its stake in Atlassian by 27.5% in the second quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock valued at $380,000 after purchasing an additional 404 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Atlassian

In related news, CRO Brian Duffy sold 7,617 shares of Atlassian stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the sale, the executive directly owned 220,074 shares of the company’s stock, valued at approximately $35,872,062. This trade represents a 3.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 9,054 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the transaction, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 30,349 shares of company stock worth $4,418,849. Company insiders own 36.66% of the company’s stock.

Analyst Ratings Changes

TEAM has been the topic of a number of analyst reports. Citigroup upped their price objective on Atlassian from $110.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Sanford C. Bernstein reissued an “outperform” rating on shares of Atlassian in a research note on Monday, June 29th. Citizens Jmp restated a “market perform” rating on shares of Atlassian in a report on Wednesday, July 1st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research note on Friday, July 17th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $200.00 price objective on shares of Atlassian in a research report on Friday, August 7th. Twenty-five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $178.63.

Atlassian Stock Up 2.6%

Shares of TEAM opened at $190.41 on Friday. The firm has a market cap of $48.32 billion, a P/E ratio of -1,002.16, a price-to-earnings-growth ratio of 14.96 and a beta of 1.05. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $194.96. The firm’s 50-day simple moving average is $114.90 and its 200 day simple moving average is $92.04.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.37. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the business posted $0.98 earnings per share. The business’s revenue for the quarter was up 27.6% compared to the same quarter last year. On average, analysts forecast that Atlassian Corporation PLC will post 0.94 earnings per share for the current year.

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.