Westfield Capital Management Co. LP Buys 489,777 Shares of Atlassian Corporation PLC $TEAM

Westfield Capital Management Co. LP lifted its stake in Atlassian Corporation PLC (NASDAQ:TEAM) by 151.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 812,215 shares of the technology company’s stock after purchasing an additional 489,777 shares during the period. Westfield Capital Management Co. LP owned 0.31% of Atlassian worth $131,692,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Physician Wealth Advisors Inc. boosted its position in shares of Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after purchasing an additional 61 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp boosted its position in shares of Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after purchasing an additional 199 shares during the last quarter. Board of the Pension Protection Fund bought a new position in Atlassian during the fourth quarter worth about $32,000. Finally, Basepoint Wealth LLC bought a new position in Atlassian during the fourth quarter worth about $32,000. 94.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on TEAM shares. Wall Street Zen lowered Atlassian from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. BNP Paribas Exane started coverage on Atlassian in a report on Monday, March 16th. They set an “outperform” rating and a $95.00 target price on the stock. Cantor Fitzgerald lifted their target price on Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Oppenheimer lifted their target price on Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Finally, Raymond James Financial set a $130.00 target price on Atlassian in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.63.

Insider Transactions at Atlassian

In other news, CRO Brian Duffy sold 1,986 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $174,271.50. Following the sale, the executive directly 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 document filed with the SEC, which is available at the SEC website. 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 dated 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 sale, the chief financial officer owned 288,272 shares in the company, valued at approximately $25,295,868. This trade represents a 2.97% 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 90 days, insiders sold 10,891 shares of company stock worth $955,683. Corporate insiders own 36.66% of the company’s stock.

Atlassian Stock Performance

Shares of Atlassian stock opened at $101.50 on Friday. The firm has a market cap of $25.76 billion, a price-to-earnings ratio of -122.29, a price-to-earnings-growth ratio of 5.76 and a beta of 1.07. The stock’s 50-day moving average is $78.29 and its 200-day moving average is $106.50. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $222.59. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.70 and a quick ratio of 0.70.

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