Kirtland Hills Capital Management LLC Makes New $248,000 Investment in Atlassian Co. (NASDAQ:TEAM)

Kirtland Hills Capital Management LLC bought a new position in shares of Atlassian Co. (NASDAQ:TEAM) during the 4th quarter, Holdings Channel.com reports. The firm bought 1,020 shares of the technology company’s stock, valued at approximately $248,000.

Several other hedge funds have also recently bought and sold shares of the business. Baillie Gifford & Co. increased its position in Atlassian by 0.9% during the third quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after buying an additional 78,454 shares during the last quarter. State Street Corp increased its position in Atlassian by 0.3% during the third quarter. State Street Corp now owns 3,560,381 shares of the technology company’s stock worth $565,424,000 after buying an additional 8,957 shares during the last quarter. JPMorgan Chase & Co. increased its position in Atlassian by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after buying an additional 131,621 shares during the last quarter. FMR LLC increased its position in Atlassian by 7.4% during the third quarter. FMR LLC now owns 2,182,980 shares of the technology company’s stock worth $346,679,000 after buying an additional 150,237 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Atlassian by 2.8% during the third quarter. Geode Capital Management LLC now owns 2,149,914 shares of the technology company’s stock worth $340,453,000 after buying an additional 57,911 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Stock Up 0.1 %

Shares of TEAM opened at $284.26 on Wednesday. Atlassian Co. has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a 50-day moving average price of $273.10 and a two-hundred day moving average price of $224.90. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock has a market cap of $74.48 billion, a price-to-earnings ratio of -212.13 and a beta of 0.87.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts predict that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TEAM shares. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and raised their price target for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Piper Sandler raised their price target on Atlassian from $310.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Scotiabank raised their price target on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research report on Friday, January 31st. Finally, Macquarie raised their price target on Atlassian from $290.00 to $317.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Eight investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $319.71.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $322.31, for a total value of $2,561,719.88. Following the completion of the sale, the chief executive officer now owns 270,232 shares of the company’s stock, valued at $87,098,475.92. This trade represents a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Joseph Leo Binz sold 2,587 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.09, for a total transaction of $807,376.83. Following the completion of the sale, the chief financial officer now directly owns 169,342 shares of the company’s stock, valued at approximately $52,849,944.78. This represents a 1.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 275,501 shares of company stock worth $75,651,410. Insiders own 38.55% of the company’s stock.

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.