Sheets Smith Investment Management Purchases Shares of 6,492 Atlassian Co. (NASDAQ:TEAM)

Sheets Smith Investment Management purchased a new stake in Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, Holdings Channel reports. The fund purchased 6,492 shares of the technology company’s stock, valued at approximately $1,580,000. Atlassian accounts for approximately 1.3% of Sheets Smith Investment Management’s investment portfolio, making the stock its 25th biggest holding.

A number of other institutional investors have also modified their holdings of the company. Corebridge Financial Inc. raised its position in shares of Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock valued at $2,555,000 after buying an additional 35 shares during the last quarter. LPL Financial LLC raised its position in shares of Atlassian by 93.4% in the fourth quarter. LPL Financial LLC now owns 51,534 shares of the technology company’s stock valued at $12,542,000 after buying an additional 24,891 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Atlassian in the fourth quarter valued at approximately $19,446,000. Virtu Financial LLC raised its position in shares of Atlassian by 77.4% in the fourth quarter. Virtu Financial LLC now owns 6,767 shares of the technology company’s stock valued at $1,647,000 after buying an additional 2,952 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its position in shares of Atlassian by 9,292.4% in the fourth quarter. TD Private Client Wealth LLC now owns 9,862 shares of the technology company’s stock valued at $2,400,000 after buying an additional 9,757 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Insider Activity

In other Atlassian news, CAO Gene Liu sold 568 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $312.08, for a total transaction of $177,261.44. Following the transaction, the chief accounting officer now directly owns 52,142 shares in the company, valued at $16,272,475.36. This represents a 1.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $216.90, for a total transaction of $1,723,921.20. Following the transaction, the chief executive officer now owns 71,532 shares in the company, valued at $15,515,290.80. This trade represents a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 263,033 shares of company stock worth $71,015,177. 38.55% of the stock is currently owned by company insiders.

Atlassian Price Performance

Shares of TEAM stock opened at $227.34 on Monday. The company has a market capitalization of $59.56 billion, a PE ratio of -169.66 and a beta of 0.91. The firm has a fifty day simple moving average of $271.24 and a 200-day simple moving average of $236.81. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $326.00.

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%. Equities research analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TEAM has been the subject of a number of analyst reports. Mizuho boosted their price objective on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. Raymond James reaffirmed an “outperform” rating and set a $330.00 price target (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Macquarie upped their price target on shares of Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Finally, Piper Sandler upped their price target on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Nine equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $316.77.

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.