Howard Capital Management Inc. Boosts Stake in Atlassian Co. (NASDAQ:TEAM)

Howard Capital Management Inc. grew its holdings in shares of Atlassian Co. (NASDAQ:TEAM) by 3.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,369 shares of the technology company’s stock after acquiring an additional 134 shares during the period. Howard Capital Management Inc.’s holdings in Atlassian were worth $1,063,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Point72 Asset Management L.P. grew its stake in Atlassian by 760.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock valued at $110,972,000 after purchasing an additional 617,566 shares in the last quarter. Two Sigma Advisers LP boosted its stake in shares of Atlassian by 122.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after buying an additional 551,500 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Atlassian during the third quarter worth approximately $57,149,000. Parnassus Investments LLC increased its stake in shares of Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock worth $51,016,000 after buying an additional 245,286 shares during the last quarter. Finally, Fisher Funds Management LTD acquired a new stake in Atlassian in the fourth quarter valued at $47,469,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TEAM shares. Piper Sandler raised their price objective on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. The Goldman Sachs Group lifted their price target on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Cantor Fitzgerald upped their price objective on Atlassian from $264.00 to $304.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Raymond James reiterated an “outperform” rating and issued a $330.00 target price (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. Finally, UBS Group upped their price target on Atlassian from $275.00 to $330.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $319.71.

Atlassian Stock Performance

Shares of TEAM stock opened at $285.99 on Monday. 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 $74.93 billion, a price-to-earnings ratio of -213.42 and a beta of 0.87. The business has a 50 day simple moving average of $272.98 and a 200 day simple moving average of $223.88.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (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%. On average, equities research analysts anticipate that Atlassian Co. will post -0.34 EPS for the current year.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction on Monday, February 10th. The stock was sold at an average price of $322.31, for a total transaction of $2,561,719.88. Following the transaction, the chief executive officer now directly owns 270,232 shares in the company, valued at approximately $87,098,475.92. This trade represents a 2.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $254.76, for a total value of $387,235.20. Following the completion of the sale, the president now owns 211,991 shares of the company’s stock, valued at approximately $54,006,827.16. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 275,501 shares of company stock valued at $75,480,290. Company 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.