Brown Capital Management LLC Boosts Position in Atlassian Co. (NASDAQ:TEAM)

Brown Capital Management LLC raised its stake in Atlassian Co. (NASDAQ:TEAM - Free Report) by 2.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 116,505 shares of the technology company's stock after acquiring an additional 2,697 shares during the period. Brown Capital Management LLC's holdings in Atlassian were worth $18,502,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Sequoia Financial Advisors LLC increased its holdings in shares of Atlassian by 37.0% in the third quarter. Sequoia Financial Advisors LLC now owns 1,925 shares of the technology company's stock worth $306,000 after purchasing an additional 520 shares during the last quarter. Impax Asset Management Group plc increased its stake in Atlassian by 590.6% in the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company's stock worth $5,940,000 after acquiring an additional 31,986 shares during the last quarter. Parnassus Investments LLC increased its stake in Atlassian by 322.9% in the 3rd quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company's stock worth $51,016,000 after acquiring an additional 245,286 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Atlassian during the 3rd quarter worth approximately $97,350,000. Finally, Aigen Investment Management LP bought a new position in shares of Atlassian during the 3rd quarter valued at approximately $2,232,000. Hedge funds and other institutional investors own 93.03% of the company's stock.

Insider Activity

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $164.81, for a total transaction of $1,309,909.88. Following the completion of the sale, the chief executive officer now directly owns 182,804 shares of the company's stock, valued at approximately $30,127,927.24. This represents a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $163.11, for a total transaction of $123,963.60. Following the completion of the transaction, the president now directly owns 143,966 shares in the company, valued at approximately $23,482,294.26. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 249,746 shares of company stock worth $47,067,024. 38.55% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on TEAM shares. BMO Capital Markets upped their price target on shares of Atlassian from $177.00 to $255.00 and gave the company a "market perform" rating in a research note on Friday, November 1st. Robert W. Baird upped their target price on shares of Atlassian from $175.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, November 1st. JMP Securities upgraded Atlassian to a "hold" rating in a research report on Friday, August 2nd. Mizuho boosted their price objective on Atlassian from $200.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Finally, Scotiabank raised their price objective on Atlassian from $175.00 to $250.00 and gave the company a "sector perform" rating in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $244.21.

Atlassian Trading Up 3.4 %

Shares of NASDAQ:TEAM traded up $8.46 during trading on Thursday, reaching $253.91. 1,813,289 shares of the company were exchanged, compared to its average volume of 1,869,570. The business's fifty day simple moving average is $192.77 and its 200-day simple moving average is $175.94. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $258.69. The firm has a market capitalization of $66.13 billion, a PE ratio of -161.48 and a beta of 0.71.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.13. The business had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.16 billion. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business's revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.07) EPS. On average, research analysts anticipate that Atlassian Co. will post -0.56 EPS for the current year.

Atlassian Company Profile

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.