Ardmore Road Asset Management LP Makes New Investment in Atlassian Co. (NASDAQ:TEAM)

Ardmore Road Asset Management LP purchased a new stake in Atlassian Co. (NASDAQ:TEAM) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 35,000 shares of the technology company’s stock, valued at approximately $8,518,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TEAM. Massachusetts Financial Services Co. MA purchased a new stake in Atlassian in the 4th quarter valued at $687,486,000. Elwood Capital Partners LP acquired a new stake in shares of Atlassian in the fourth quarter valued at $3,429,000. Geode Capital Management LLC boosted its holdings in Atlassian by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock valued at $528,851,000 after purchasing an additional 27,899 shares during the period. HighPoint Advisor Group LLC boosted its holdings in Atlassian by 7.2% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,016 shares of the technology company’s stock valued at $247,000 after purchasing an additional 68 shares during the period. Finally, Franklin Resources Inc. grew its stake in Atlassian by 9.9% during the 4th quarter. Franklin Resources Inc. now owns 73,275 shares of the technology company’s stock worth $17,834,000 after purchasing an additional 6,587 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Stock Performance

NASDAQ TEAM opened at $216.41 on Wednesday. The firm has a market cap of $56.70 billion, a P/E ratio of -161.50 and a beta of 0.91. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The business’s 50-day moving average price is $267.68 and its 200 day moving average price is $239.81. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, equities research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $242.27, for a total value of $1,925,561.96. Following the sale, the chief executive officer now directly owns 476,880 shares in the company, valued at $115,533,717.60. The trade was a 1.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Gene Liu sold 779 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $320.01, for a total value of $249,287.79. Following the completion of the transaction, the chief accounting officer now owns 52,710 shares of the company’s stock, valued at $16,867,727.10. The trade was a 1.46 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 270,981 shares of company stock valued at $72,069,956. 38.55% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TEAM. Piper Sandler lifted their price objective on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. JMP Securities reiterated a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. Truist Financial dropped their price objective on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Monday. Barclays lifted their price objective on shares of Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, Raymond James reissued an “outperform” rating and issued a $330.00 target price (up previously from $250.00) on shares of Atlassian in a report on Friday, January 31st. Ten analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $310.18.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.