Fisher Funds Management LTD Acquires 33,485 Shares of Atlassian Corporation PLC $TEAM

Fisher Funds Management LTD lifted its holdings in shares of Atlassian Corporation PLC (NASDAQ:TEAM) by 11.1% in the 4th quarter, HoldingsChannel reports. The fund owned 334,011 shares of the technology company’s stock after purchasing an additional 33,485 shares during the period. Atlassian makes up approximately 1.4% of Fisher Funds Management LTD’s investment portfolio, making the stock its 21st biggest holding. Fisher Funds Management LTD’s holdings in Atlassian were worth $54,440,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Physician Wealth Advisors Inc. increased its position in shares of Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after acquiring an additional 61 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after acquiring an additional 161 shares in the last quarter. Atlantic Union Bankshares Corp increased its position in shares of Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after acquiring an additional 199 shares in the last quarter. Board of the Pension Protection Fund bought a new position in shares of Atlassian in the fourth quarter valued at approximately $32,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian in the third quarter valued at approximately $57,000. 94.45% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $116.40, for a total transaction of $892,206.00. Following the completion of the sale, the director owned 298,935 shares in the company, valued at approximately $34,796,034. This trade represents a 2.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $119.15, for a total transaction of $913,284.75. Following the sale, the chief executive officer owned 314,265 shares of the company’s stock, valued at $37,444,674.75. This trade represents a 2.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 128,653 shares of company stock valued at $15,085,924 in the last 90 days. Corporate insiders own 36.66% of the company’s stock.

Atlassian Price Performance

Atlassian stock opened at $68.73 on Friday. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $242.00. The company’s 50 day moving average price is $74.29 and its two-hundred day moving average price is $123.80. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62. The stock has a market cap of $18.13 billion, a P/E ratio of -95.46 and a beta of 0.99.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Friday, February 6th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The business’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. On average, equities analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on TEAM shares. Robert W. Baird set a $140.00 target price on Atlassian in a report on Friday, February 6th. Truist Financial set a $90.00 target price on Atlassian in a report on Wednesday. KeyCorp reduced their target price on shares of Atlassian from $170.00 to $130.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research note on Wednesday, January 21st. Finally, TD Cowen reduced their target price on shares of Atlassian from $140.00 to $85.00 and set a “hold” rating for the company in a research note on Thursday. Twenty analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $159.37.

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.