Sheets Smith Investment Management Invests $1.58 Million in Atlassian Co. (NASDAQ:TEAM)

Sheets Smith Investment Management purchased a new position in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,492 shares of the technology company's stock, valued at approximately $1,580,000. Atlassian comprises about 1.3% of Sheets Smith Investment Management's holdings, making the stock its 25th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in TEAM. True Wealth Design LLC increased its holdings in shares of Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company's stock worth $37,000 after buying an additional 231 shares during the last quarter. Avion Wealth increased its holdings in shares of Atlassian by 1,308.3% during the 4th quarter. Avion Wealth now owns 169 shares of the technology company's stock worth $41,000 after buying an additional 157 shares during the last quarter. Assetmark Inc. increased its holdings in shares of Atlassian by 30.6% during the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after buying an additional 41 shares during the last quarter. Mainstream Capital Management LLC acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $49,000. Finally, Kestra Investment Management LLC acquired a new stake in shares of Atlassian during the 4th quarter worth approximately $56,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction on 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 in the company, valued at approximately $54,690,889.35. The trade was a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian 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 completion of the transaction, the chief executive officer now owns 71,532 shares in the company, valued at approximately $15,515,290.80. This represents a 10.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 263,033 shares of company stock worth $71,015,177 in the last ninety days. 38.55% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Cantor Fitzgerald increased their price objective on shares of Atlassian from $264.00 to $304.00 and gave the stock a "neutral" rating in a research report on Friday, January 31st. BMO Capital Markets raised shares of Atlassian from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $255.00 to $292.00 in a research report on Friday, January 10th. Macquarie increased their price objective 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. Piper Sandler increased their price objective 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. Finally, Citigroup increased their price objective on shares of Atlassian from $255.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. Nine research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat.com, Atlassian has an average rating of "Moderate Buy" and an average price target of $316.77.

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Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $227.34 on Monday. The company's fifty day moving average price is $271.24 and its 200 day moving average price is $236.81. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market capitalization of $59.56 billion, a P/E ratio of -169.66 and a beta of 0.91.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. As a group, sell-side analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Atlassian 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.

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