Ardmore Road Asset Management LP Invests $8.52 Million in Atlassian Co. (NASDAQ:TEAM)

Ardmore Road Asset Management LP bought a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 35,000 shares of the technology company's stock, valued at approximately $8,518,000.

A number of other hedge funds also recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its holdings in shares of Atlassian by 17.3% in the third quarter. The Manufacturers Life Insurance Company now owns 30,353 shares of the technology company's stock valued at $4,824,000 after acquiring an additional 4,479 shares in the last quarter. Townsquare Capital LLC increased its position in shares of Atlassian by 16.0% in the third quarter. Townsquare Capital LLC now owns 1,338 shares of the technology company's stock worth $212,000 after purchasing an additional 185 shares during the last quarter. Paloma Partners Management Co bought a new position in Atlassian in the third quarter valued at $1,588,000. Bamco Inc. NY grew its position in Atlassian by 242.7% during the third quarter. Bamco Inc. NY now owns 124,018 shares of the technology company's stock valued at $19,695,000 after acquiring an additional 87,834 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Atlassian by 4.2% in the third quarter. Janus Henderson Group PLC now owns 15,550 shares of the technology company's stock worth $2,469,000 after buying an additional 624 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Stock Performance

Shares of NASDAQ:TEAM traded down $10.68 during trading on Friday, hitting $187.67. The stock had a trading volume of 3,206,572 shares, compared to its average volume of 2,002,471. The stock has a 50-day simple moving average of $264.05 and a two-hundred day simple moving average of $239.57. The stock has a market capitalization of $49.17 billion, a price-to-earnings ratio of -140.05 and a beta of 1.07. 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 Co. has a 12-month low of $135.29 and a 12-month high of $326.00.

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

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 1,520 shares of the firm's stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the transaction, the president now directly owns 210,471 shares of the company's stock, valued at approximately $54,690,889.35. This trade represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction on Friday, January 17th. The stock was sold at an average price of $253.01, for a total value of $2,010,923.48. Following the transaction, the director now owns 389,452 shares in the company, valued at approximately $98,535,250.52. This represents a 2.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 270,981 shares of company stock worth $71,914,254. Company insiders own 38.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TEAM shares. UBS Group decreased their price target on shares of Atlassian from $330.00 to $230.00 and set a "neutral" rating for the company in a research note on Tuesday. Mizuho upped their price target 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. Oppenheimer increased their price objective on shares of Atlassian from $300.00 to $380.00 and gave the stock an "outperform" rating in a research note on Friday, January 31st. Cantor Fitzgerald raised shares of Atlassian from a "neutral" rating to an "overweight" rating and dropped their price objective for the company from $304.00 to $272.00 in a report on Wednesday. Finally, Raymond James restated an "outperform" rating and issued a $330.00 target price (up from $250.00) on shares of Atlassian in a 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 stock. According to MarketBeat, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus target price of $308.73.

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.