Quest Investment Management LLC Decreases Stake in Atlassian Co. Plc (NASDAQ:TEAM)

Quest Investment Management LLC lessened its stake in Atlassian Co. Plc (NASDAQ:TEAM) by 31.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 53,170 shares of the technology company’s stock after selling 24,237 shares during the quarter. Quest Investment Management LLC’s holdings in Atlassian were worth $13,657,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in Atlassian by 4.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,379,591 shares of the technology company’s stock valued at $2,819,883,000 after acquiring an additional 554,314 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Atlassian by 10.1% during the second quarter. Jennison Associates LLC now owns 6,894,373 shares of the technology company’s stock worth $1,770,889,000 after purchasing an additional 630,157 shares during the last quarter. Sands Capital Management LLC lifted its holdings in shares of Atlassian by 7.8% during the first quarter. Sands Capital Management LLC now owns 5,504,278 shares of the technology company’s stock worth $1,160,082,000 after purchasing an additional 397,769 shares during the period. Artisan Partners Limited Partnership grew its position in Atlassian by 1.3% in the 2nd quarter. Artisan Partners Limited Partnership now owns 5,233,001 shares of the technology company’s stock valued at $1,344,149,000 after buying an additional 68,402 shares during the last quarter. Finally, BlackRock Inc. increased its stake in Atlassian by 1.7% in the 2nd quarter. BlackRock Inc. now owns 4,012,513 shares of the technology company’s stock valued at $1,030,656,000 after buying an additional 68,826 shares during the period. Institutional investors and hedge funds own 85.92% of the company’s stock.

TEAM stock opened at $411.00 on Monday. The firm has a 50 day moving average of $346.19 and a 200-day moving average of $274.50. Atlassian Co. Plc has a 12-month low of $175.78 and a 12-month high of $420.23. The company has a market cap of $56.43 billion, a price-to-earnings ratio of -147.84, a PEG ratio of 62.83 and a beta of 0.84.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Wednesday, July 28th. The technology company reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.06. Atlassian had a negative net margin of 33.33% and a positive return on equity of 10.09%. The business had revenue of $559.54 million during the quarter, compared to analysts’ expectations of $521.61 million. As a group, equities research analysts expect that Atlassian Co. Plc will post 0.29 earnings per share for the current year.

TEAM has been the topic of several analyst reports. Canaccord Genuity lifted their target price on shares of Atlassian from $275.00 to $325.00 and gave the company a “buy” rating in a report on Friday, July 30th. Truist Securities raised their price objective on shares of Atlassian from $270.00 to $400.00 and gave the company a “hold” rating in a research report on Friday. Wells Fargo & Company raised their price objective on shares of Atlassian from $275.00 to $325.00 and gave the company an “overweight” rating in a research report on Friday, July 30th. Wolfe Research assumed coverage on shares of Atlassian in a research report on Monday, August 30th. They issued an “outperform” rating and a $400.00 price objective for the company. Finally, Truist raised their price objective on shares of Atlassian from $270.00 to $400.00 and gave the company a “hold” rating in a research report on Friday. They noted that the move was a valuation call. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $314.11.

About Atlassian

Atlassian Corp. Plc is a holding company, which engages in the design, development, license, and maintenance of software and provision software hosting services. Its products include Jira software, align, core, and Service Desk, Confluence, Trello, Bitbucket, Sourcetree, bamboo, opsgenie, and statuspage.

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Institutional Ownership by Quarter for Atlassian (NASDAQ:TEAM)

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