Westfield Capital Management Co. LP Buys New Shares in Atlassian Co. (NASDAQ:TEAM)

Westfield Capital Management Co. LP acquired a new stake in shares of Atlassian Co. (NASDAQ:TEAM) during the 3rd quarter, Holdings Channel reports. The fund acquired 359,857 shares of the technology company’s stock, valued at approximately $57,149,000.

A number of other institutional investors have also bought and sold shares of the business. Swedbank AB boosted its stake in Atlassian by 4.2% in the 3rd quarter. Swedbank AB now owns 63,535 shares of the technology company’s stock worth $10,090,000 after purchasing an additional 2,539 shares during the period. Cerity Partners LLC boosted its position in shares of Atlassian by 169.0% during the third quarter. Cerity Partners LLC now owns 18,017 shares of the technology company’s stock worth $2,861,000 after acquiring an additional 11,320 shares during the last quarter. Leelyn Smith LLC grew its stake in Atlassian by 11.6% during the third quarter. Leelyn Smith LLC now owns 7,966 shares of the technology company’s stock valued at $1,265,000 after acquiring an additional 831 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Atlassian by 2.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 583,579 shares of the technology company’s stock valued at $92,678,000 after acquiring an additional 12,422 shares during the last quarter. Finally, Brown Capital Management LLC boosted its holdings in shares of Atlassian by 2.4% during the 3rd quarter. Brown Capital Management LLC now owns 116,505 shares of the technology company’s stock valued at $18,502,000 after purchasing an additional 2,697 shares during the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $164.81, for a total value of $1,309,909.88. Following the completion of the sale, the chief executive officer now directly owns 182,804 shares in the company, valued at approximately $30,127,927.24. This trade 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 the SEC website. Also, CAO Gene Liu sold 1,024 shares of Atlassian stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $225.45, for a total transaction of $230,860.80. Following the completion of the sale, the chief accounting officer now owns 59,168 shares of the company’s stock, valued at $13,339,425.60. This trade represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 257,694 shares of company stock worth $49,012,774 over the last three months. Corporate insiders own 38.55% of the company’s stock.

Atlassian Stock Performance

Shares of NASDAQ TEAM opened at $260.58 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $262.00. The stock’s fifty day simple moving average is $196.47 and its two-hundred day simple moving average is $176.98.

Atlassian (NASDAQ:TEAM) last announced 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 net margin of 8.59% and a negative return on equity of 23.35%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the company posted ($0.07) earnings per share. The firm’s revenue was up 21.5% on a year-over-year basis. Equities analysts expect that Atlassian Co. will post -0.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TEAM shares. Oppenheimer boosted their target price on Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. UBS Group increased their price objective on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Canaccord Genuity Group upped their target price on shares of Atlassian from $225.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Barclays reduced their target price on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Finally, Jefferies Financial Group upped their target price on Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $244.21.

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.