Westfield Capital Management Co. LP Invests $57.15 Million in Atlassian Co. (NASDAQ:TEAM)

Westfield Capital Management Co. LP bought a new stake in Atlassian Co. (NASDAQ:TEAM) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 359,857 shares of the technology company’s stock, valued at approximately $57,149,000. Westfield Capital Management Co. LP owned approximately 0.14% of Atlassian at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its holdings in shares of Atlassian by 0.9% in the 3rd quarter. Baillie Gifford & Co. now owns 8,514,039 shares of the technology company’s stock worth $1,352,115,000 after purchasing an additional 78,454 shares in the last quarter. Dragoneer Investment Group LLC acquired a new position in shares of Atlassian during the second quarter valued at about $469,803,000. Bank of New York Mellon Corp increased its position in shares of Atlassian by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 783,688 shares of the technology company’s stock worth $138,619,000 after acquiring an additional 26,555 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Atlassian by 2.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 583,579 shares of the technology company’s stock worth $92,678,000 after acquiring an additional 12,422 shares during the last quarter. Finally, Manning & Napier Advisors LLC bought a new stake in Atlassian during the 2nd quarter worth approximately $91,072,000. 93.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TEAM has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Atlassian from $250.00 to $300.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Robert W. Baird upped their price objective on shares of Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Canaccord Genuity Group lifted their price target on Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Piper Sandler upped their target price on shares of Atlassian from $225.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Finally, Raymond James raised their price target on Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.21.

Atlassian Stock Up 2.6 %

Shares of TEAM opened at $260.58 on Monday. Atlassian Co. has a 52 week low of $135.29 and a 52 week high of $262.00. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18. The business’s 50 day moving average price is $196.47 and its 200-day moving average price is $176.98.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, October 31st. The technology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the prior year, the firm posted ($0.07) earnings per share. The company’s quarterly revenue was up 21.5% on a year-over-year basis. On average, equities analysts predict that Atlassian Co. will post -0.56 earnings per share for the current year.

Insider Activity at Atlassian

In related news, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $163.11, for a total value of $123,963.60. Following the completion of the sale, the president now directly owns 143,966 shares in the company, valued at approximately $23,482,294.26. This trade represents a 0.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Gene Liu sold 165 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $245.84, for a total transaction of $40,563.60. Following the transaction, the chief accounting officer now owns 56,423 shares in the company, valued at $13,871,030.32. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 257,694 shares of company stock valued at $49,012,774 over the last 90 days. Corporate insiders own 38.55% of the company’s stock.

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.