Cullinan Associates Inc. Sells 5,358 Shares of Atlassian Corporation PLC $TEAM

Cullinan Associates Inc. decreased its position in Atlassian Corporation PLC (NASDAQ:TEAM) by 59.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,700 shares of the technology company’s stock after selling 5,358 shares during the quarter. Cullinan Associates Inc.’s holdings in Atlassian were worth $288,000 at the end of the most recent reporting period.

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 fourth quarter valued at about $25,000. Manning & Napier Advisors LLC acquired a new stake in shares of Atlassian during the second quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of Atlassian by 139.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock valued at $29,000 after acquiring an additional 220 shares during the last quarter. Western Wealth Management LLC bought a new position in shares of Atlassian in the first quarter valued at approximately $30,000. Finally, State of Wyoming boosted its holdings in shares of Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock worth $31,000 after acquiring an additional 178 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TEAM shares. Robert W. Baird set a $200.00 price target on Atlassian in a report on Friday, August 7th. Guggenheim increased their target price on Atlassian from $115.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Zacks Research cut Atlassian from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Citizens Jmp reiterated a “market perform” rating on shares of Atlassian in a research report on Wednesday, July 1st. Finally, Wall Street Zen cut shares of Atlassian from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Twenty-five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $178.63.

Atlassian Price Performance

Shares of TEAM stock opened at $190.41 on Friday. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $194.96. The stock has a market cap of $48.32 billion, a PE ratio of -1,002.16, a PEG 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. The firm’s 50 day moving average price is $114.90 and its two-hundred day moving average price is $92.04.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating 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 company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the previous year, the company posted $0.98 EPS. The business’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, analysts forecast that Atlassian Corporation PLC will post 0.94 EPS for the current year.

Insider Activity at Atlassian

In other Atlassian news, CAO Gene Liu sold 1,125 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $175.00, for a total value of $196,875.00. Following the completion of the sale, the chief accounting officer owned 56,807 shares of the company’s stock, valued at approximately $9,941,225. This represents a 1.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Brian Duffy sold 7,617 shares of Atlassian stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $163.00, for a total value of $1,241,571.00. Following the transaction, the executive owned 220,074 shares in the company, valued at approximately $35,872,062. This represents a 3.35% 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 30,349 shares of company stock worth $4,418,849. 36.66% of the stock is currently owned by company insiders.

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.